CasperLabs, the blockchain startup that aims to scale up the Ethereum network, has received $14.5 million in Series A funding to help speed up product development, according to an announcement.

The financing round was led by Acuitas Group Holdings, an investment vehicle owned by financier Terren Peizer – the self-styled “Zelig of Wall Street”. Also participating in the funding were Arrington XRP Capital, Consensus Capital, Axiom Holdings Group, Digital Strategies, MW Partners, Blockchange Ventures, Hashkey Capital and Distributed Global.

CasperLabs is building a open-source blockchain platform it says will solve the trilemma of scale, decentralization and security that is also developer-friendly for building and operating dApps.

Hiring Further Engineers

The company said in the press release the new investment would be used to accelerate product development and expand hiring of world-class engineers.

Mrinal Manohar, chief executive of ADAPtive Holdings – CasperLabs’ parent company, said:

We are humbled by the enthusiasm and financial support for our Series A funding … to build enterpise-grade decentralized blockchain infrastructure. We look forward to delivering several interesting technical updates in the coming months.

Lead investor Terren Peizer said:

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

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