Reach, a blockchain development platform for decentralized applications, has raised $12 million from investors to build a JavaScript-like programming language.
It has been reported that the latest funding round takes the total sum raised by Reach to $48 million as the firm aims to produce a JavaScript-like programming language for use in building blockchain applications.
However, most major blockchains launch with their own unique programming languages, meaning the applications built on each platform are rarely compatible with any other.
Launched in 2019, Reach has achieved compatibility with the Ethereum and Algorand blockchains, with plans to expand the compatibility of its code compiler to adapt to any network.
Chris Swenor, the CEO of Reach, said that the fundraising effort took the project closer to becoming the main platform for interoperable DApp development.
He added:
“This investment accelerates our path to becoming the primary method the world builds decentralized applications that will form the basis of global interaction. We are thrilled by the momentum we have seen so far and the unprecedented support by investors and pioneering networks who share our vision for bringing blockchain mainstream.”
Likewise, Ethereum is already home to the largest percentage of blockchain developers, with twice as many as the foremost cryptocurrency, Bitcoin (BTC). Algorand launched in 2019 with the goal of scaling blockchain performance, a goal it has since made progress toward with a reported 1,000 transactions per second and sub-cent fees.
Blockchain development platform Reach has raised $12 million from investors. The funds will be used to further its goals of simplifying the DApp creation process. https://t.co/qfzMAvAqEA (Reporting via @gregthomson88) — Cointelegraph (@Cointelegraph) May 27, 2021
Steve Kokinos, the CEO of Algorand, spoke about the importance of having simple programming languages that are accessible to all developers, something that must be achieved if Algorand’s visions are to be realized.
Thus, he added:
“We believe it is critical to empower all developers with simple languages that put safety and correctness at the forefront. This is aligned with our vision for the future of finance where smart contract infrastructure will support billions of dollars of value and exchange around the world.”
Source: Cointelegraph | Image: Gaeu