Business & FinanceSpotlight

Vlad Zamfir’s Startup Raised $14.5 Million for Blockchain Scalability

Blockchain Startup CasperLabs has raised $14.5 million as part of its Series A funding round. The round was led by the esteemed Los Angeles based financier Terren Piezer, chairman of Acuitas Group Holdings. CasperLabs is a blockchain protocol research and development company, based in United States, is lead by ex-Ethereum foundation researcher Vlad Zamfir. The company shared its Series A funding results on 10th September.

CasperLabs funding round was led by the investment firm Acuitas Group Holdings, the chairman of the company Terren Piezer, is self-proclaimed as the “Zelig of Wall Street.” Other major investors in the company are Consensus Capital, Axiom Holdings group. MW Partners. Blockchange Ventures, Hashkey Capital, Distributed Global, Digital Strategies and Arrington XRP Capital.

CasperLabs is developing a correct-by-construction Casper Proof-of-Stake Ethereum Consensus Algorithm. The company has said that the newly generated funds will be used by the company in the development of the algorithm as well as human resource.

The company said that they will open vacancies for engineers to develop their platform, and other team members will also be joining in. Mrinal Manohar, CEO of ASAPtive Holdings, the parent company for CasperLabs has said that they are humbled by the response and the financial support that they have received as a result of their Series A funding round.

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He said that he is happy that they received the backing of leading investors and companies to build an enterprise-grade, decentralized blockchain infrastructure. He said in the statement:

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.

Piezer who lead the round has said that he had been waiting for such a company to pop up on his radar that could build a strong and decentralized public blockchain with the speed and the security of the next-gen platform that the world is moving towards.

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He sees the product that the Lab is offering as a gateway into the whole industry and believes that the product can be scaled to a level that will one day make CasperLab the industry leader in blockchain. The company has a scale that is as huge as the blockchain industry itself.  He added to the statement saying:

Scalability of a product and company is the leading driver of value creation. Consistently, the most proficiently scalable company becomes the industry leader.

This is not the first time CasperLabs has made headlines, the company in February hired the former researcher from the Ethereum Foundation, Vlad Zamfir as the lead on their consensus protocol architecture team. Zamfir’s comments in February made him famous when he stated that the Ethereum blockchain is not safe, is based on immature technology and the community should not rely on Ethereum’s blockchain technology for critical application.

ZLamfir also said that he believes PoS consensus protocol being developed by Casper is safer than current blockchains. He added:

However, I am not sure if the Bitcoin and Ethereum blockchain communities are going to be able to upgrade their protocols.

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Shahzaib Zafar

Electrical Engineer, Crypto enthusiast, a tech nerd and a developer with a keen interest in blockchain, writes daily articles about bitcoin and cryptocurrencies for blockpublisher.

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