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Casper Network’s creator CasperLabs recently conducted a private token sale raising $14 from investors. CasperLabs token sale saw participation from various industry players including Consensus Capital and RockTree Capital. The proof-of-stake network will conduct a public token sale in the near future.
Ethereum’s rival
The Casper Network is a proof-of-stake blockchain that enables developers to design and deploy blockchain applications using its native tokens. Casper Network is claimed to be a completely decentralized system. Casperlabs is trying to tap into the DeFi market and utilize Ethereum’s limitations to attract projects.
The network is currently in its second incentivized testnet and is expected to be launched in the first quarter of 2021.
CasperLabs was involved in the development of Ethereum 2.0 and assisted in the transition to a proof-of-stake network. In April, the firm announced its decision to launch its own blockchain in partnership with Singapore’s BitMax crypto exchange.
CasperLabs token sale
CasperLabs CEO Mrinal Manohar announced that the company had conducted a private token sale for its native CLX token. He further elaborated that the presale saw a participation of 55 investing entities, including Hashkey Capital and Blockchange Ventures. As mentioned earlier, the investments were led by Digital Strategies.
The money raised through CasperLabs token sale will be used by developers to conduct final pre-launch preparations with funds focused towards engineering. However, the sales primary function was to establish the network’s launch day validators that would form the network’s initial security.
The public sale will be conducted next year as an “Exchange Validator Offering.” The offering will take place on BitMax and allow people to attempt staging nodes for the network. However, the network will ready even without the public sale, as Manohar stated that the public sale would only be conducted after the “network’s already decentralized.”
