CasperLabs, a startup that builds an open-source blockchain platform aimed at achieving scale without sacrificing decentralization, has raised $ 14.5 million in a Series A financing round.
The round was led by financier Terren Piezer, known as the “Zelig of Wall Street”, through his personal holding company, Acuitas Group Holdings. Arrington XRP Capital, Consensus Capital, Axiom Holdings Group, Digital Strategies, MW Partners, Blockchange Ventures, Hashkey Capital and Distributed Global also participated.
CasperLabs said in an announcement on Tuesday that the new funds will be used to accelerate product development and attract more engineers.
The startup was launched in February with the researcher of the Ethereum Foundation Vlad Zamfir as principal architect of consensus protocol. The project aims to build a new blockchain based on a version of the Participation Test Consensus Protocol (PoS), specifically the Correct-by-Construction Poper Casper (CBC) from Zamfir.
The firm said it is working to solve the “ile trilemma” of scale, decentralization and security, but it is also friendly for developers to build and operate applications. ”
CasperLabs anticipates the issuance of several “interesting” technical updates in the coming months, according to co-founder and CEO of Mrinal Manohar, the parent company of CasperLabs, ADAPtive Holdings.
“I have been following and studying the cryptocurrency and blockchain space since its early days, and I have been waiting for a company that can develop the strength and decentralized aspects of a public chain with the speed, security and scalability of an upcoming -gen platform, “said lead investor Piezer, adding:
“Scalability of a product and company is the leading driver of value creation. Consistently, the most proficiently scalable company becomes the industry leader.”
Vlad Zamfir image via Web3 Foundation/YouTube