CasperLabs: fundraising by Terren Peizer raises $14.5 million
Blockchain

CasperLabs: fundraising by Terren Peizer raises $14.5 million

By Stefano Cavalli - 10 Sep 2019

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Terren Scott Peizer, the renowned international financier and chairman of the board of directors of Acuitas Group Holdings (AGH), has managed to obtain, through a fundraiser, the modest sum of $14.5 million for CasperLabs.

It wasn’t difficult for a character of that calibre, as he is the founder and CEO of companies worth over $100 billion.

Some of the major investors who participated are:

  • Hashkey Capital;
  • Consensus Capital;
  • Axiom Holdings Group;
  • Blockchange Ventures;
  • Arrington XRP Capital;
  • MW Partners;
  • Distributed Global.

CasperLabs is an open-source project based on blockchain technology. Officially launched on February 22nd with the creation of the first node, the company has managed to attract several investors and many developers from around the world.

The testnet was launched on April 17th and this is the first project to adopt the Proof of Stake CBC-Casper consensus mechanism, which has been in development for 5 years.

Thanks to his holding company, Acuitas Group Holdings, Terren Peizer has succeeded in his intention of wanting to complete a fundraiser in favour of CasperLabs, which defines this project as “a scalable, next-generation blockchain”.

According to several experts, the only truly decentralised blockchains are those of Bitcoin and Ethereum, since they are open source, have a high number of nodes, excellent security standards and, above all, have many users.

Thanks to this new investment it will be possible to increase the development of the project by accelerating various aspects and also increasing the recruitment of new experts. The CEO of ADAPtive Holdings Ltd., one of the companies in charge of CasperLabs, said:

“We are humbled by the enthusiasm and financial support for our Series A from leading traditional and blockchain investors to build enterprise-grade, decentralized blockchain infrastructure. We look forward to delivering several interesting technical updates in the coming months and welcome any and all feedback via our open source code repository on Github.”

The main aim of the project is to significantly increase the scalability of Ethereum, the network used by CasperLabs, so that everyone can take full advantage of the features it provides without having to give up the performance required.

Terren Peizer himself said:

“I’ve been following and studying the crypto and blockchain space since its earliest days, and I’ve been waiting for a company that can build the strength and decentralized aspects of a public chain with the speed, security, and scalability of a next-gen platform. Scalability of a product and company is the leading driver of value creation. Consistently, the most proficiently scalable company becomes the industry leader”.

CasperLabs was developed in Rust, a modern and widely used programming language. Thanks to the adoption of WebAssembly (WASM) it is possible to obtain performances very similar to a machine language considering the low level of web programming.

Scaling a project without sacrificing ease of use, speed, performance and decentralisation is the step forward that this industry needs to take to achieve true mass adoption.

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