Blockchain Startup Casperlabs led by financier Terren Piezer who is popularly known as Zelig of Wall Street, raised $14.5 million in Series A. The CTO of Casperlabs by the name Medha Parlikar announced that these funds would be injected in product development and to hire more core technical workers including engineers, academics, and architects in the next half-year.
The investment was led by Terren Piezer through his holding company known as Acuitas group holdings. Other investors are Consensus capital, digital strategies, Arrington XRP Capital, Blockchange investors, Axiom holdings group, Distributed global, MW partners, and Hashkey Capital. According to Piezer, they have been waiting for a company that would come up with a strong decentralized aspect of a public chain with security, scalability, and speed in the next generation.
The CEO of the parent Company-Adaptive holdings Ltd, Mrinal Manohar announced their gratitude for the financial support they received from the leading investors in a Series A funding round. Following an announcement made on Tuesday, Casperlabs is working towards improving Ethereum 2.0 scalability making a sacrifice on speed or decentralization.
The company is working towards solving the trilemma of scale, security, and decentralization, which is also friendly to the developer to build and use apps. Vlad Zamfir- Ethereum lead researcher who joined the company is driving off this effort. In March 2017, Zamfir stated that Ethereum is an immature, unsafe, and is not a scalable company. According to Mrinal, Casper will issue updates that are more interesting in the months to follow.
Casperlabs started to operate last year with the aim to simplify blockchains for firms to use. Its system is designed in a way that will prove itself in the future. Kevin Watt- startup’s lead marketing officer said to the block that the design decisions would make the applications and the network upgradeable without any doubt. He also added that the startup company is also working in conjunction with other companies that were blocked by the first generation tech. This is to ensure that these companies together with the future generation of builders could bring their operations to life at Casperlabs.