CasperLabs has been working to improve the scalability of the Ethereum network before the launch of Ethereum 2.0. the startup has raised more than fourteen million dollars ($14.5) in Series A funding. The round was led by Terren Peizer more commonly known as the “Zelig of Wall Street.”
Terren Peizer invested through his personal holding company known as Acuitas Group Holdings. Terren claims to be interested in cryptocurrencies since day one and has been waiting for an opportunity to invest.
Apparently he was looking for a company that could enhance the speed of a network by utilizing decentralized ledgers. He added that such a network should be secure and scalable. He then stated that such a network would truly be the platform for the next generations.
According to him, scalability is the driving factor in a decentralized network. Moreover, he added that since the beginning the network with the highest scalability has been leading the network.
Other investors include Arrington XRP Capital, Consensus Capital, and Blockchange Ventures among various others. The funding will be used to hire around a dozen more employees across the next six months.
The Chief Technological Officer (CTO) of CasperLabs stated that the startup is planning on expanding its core team. The startup was planning on investing in its ecosystem support and experience.
The startup currently has twenty-eight employees with around twenty in its core technical team. The team has been working on scalability as well as developing the infrastructure for dApps. The team is led by Ethereum’s Vlad Zamfir who joined earlier this year.
Zamfir has been working on Casper’s “Casper Correct by Construction” (CBC) protocol. Ethereum’s deadline for the CBC upgrade is still a few years away but the team plans on delivering the product even sooner than that.
Ethereum’s 2.0 seems to be close and the scalability solution is the key to its launch. The launch of Ethereum 2.0 is totally depending on the scalability issue. More upgrades in the 2.0 network include sharding and the development of Lighthouse.
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