Smart contracts platform CasperLabs raises $14 million in private token sale

Layer 1s • October 21, 2020, 12:00PM EDT
UPDATED: October 21, 2020, 12:03PM EDT
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Smart contracts platform CasperLabs has raised $14 million in a private token sale, the company said Wednesday. 

According to the company's announcement, the token sale was led by crypto fund Digital Strategies and included investments from ZB.com/ZB Global, Gate.io, Consensus Capital and Cluster Capital. 

The platform aims to solve the "scalability trilemma" of achieving scalability, decentralization and security, as well as build a platform on which developers can build and operate decentralized applications. It raised $14.5 million last year in Series A funding which CasperLabs used to expand its team. 

“Less volatile gas costs and upgradeable contracts will prove game-changing for DeFi, from development through to day-to-day use. Behind the Casper protocol is a team with unmatched professionalism and expertise in decentralized protocols," said co-founder of Digital Strategies Eric Weiss.

According to the announcement, CasperLabs plans to use the funding to set up grants and support measures that "fuel further developer adoption" ahead of its early 2021 mainnet launch and public token sale. 

AUTHOR

Saniya More profile picture Saniya More

Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.

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