Blockchain Application Solution Reach Raises $12 Million, Valuing it at $48 Million

Reach, the blockchain development platform designed to simplify the creation of decentralized applications (dapps), today announced that it has raised $12 million in funding to expand its product range and launch a commercial version of its toolkit.

Blockchain Application Solution Reach Raises  Million, Valuing it at  Million

Key Points.

The Reach platform, which aims to simplify the development of decentralized applications across blockchain platforms, has raised $12 million in seed funding.

Currently, the platform supports Ether and Algorand, and will allow for more protocols in the future.

Reach, a blockchain development platform designed to simplify the creation of decentralized applications (dapps), today announced it has raised $12 million in funding to expand its product range and launch a commercial version of its toolkit, Decrypt reported on May 26.

Reach likens its platform to Apple’s iOS platform for mobile apps, which allows developers to more easily design and launch blockchain-based apps and services.

According to Reach, the company is valued at $48 million after this round of funding. When Decrypt asked Reach to reveal the name of the round’s lead investor, a Reach representative declined. Reach was reportedly a recipient of a grant from the Algorand Foundation.

Reach was founded in late 2019 and claims to now have 1,000 developers. As of now, the platform has developed decentralized games, auctions and NFT crypto collectibles projects, but none have been put into commercial operation.

Reach plans to use some of the funding to create a commercial version of the platform for enterprise-grade smart contacts (industry term: computer code that runs decentralized applications), handling larger numbers of transactions and higher-value assets. In addition, the company intends to add new features, scale its team, develop guidance materials, and acquire potential developers.

Ether is the leading smart contract platform for decentralized application development, but faces issues such as network congestion and high gas fees (the cost of making transactions on the network). This has prompted some developers to seek out other competing blockchain platforms or adopt an Ethernet Layer 2 scaling solution.

Ether is transitioning from its current energy-intensive proof-of-work (PoW) model to a proof-of-stake (PoS) model called Ethereum 2.0.

Algorand, built from the ground up, on the other hand, is a proof-of-stake blockchain designed around a two-tier architecture. Compared to Ether, it offers fast transactions and relatively low fees. However, according to Nomics data, Ether is currently almost 58 times the market cap of Algorand.

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