Blockchain News

CasperLabs Collaborates with BitMAX to Raise Funds with its Own Blockchain


Blockchain-based startup CasperLabs is collaborating with crypto exchange BitMAX to execute its token sale campaign. Interestingly, CasperLabs, along with other crypto startups like Solana and Dapper Labs are not postponing their campaigns amid the COVID-19 outbreak. As per reports., CasperLabs will conduct its campaign in the form of an Exchange Validator Offering (EVO). 

About CasperLabs Token Sales

Last year, the startup raised a massive $14.5 million from Arrington XRP Capital and Terren Scott Peizer. As confirmed by CEO Mrinal Manohar, CasperLabs is actually developing a new blockchain in which users will be able to deposit their tokens in order to support the network. This mechanism is inspired by Ethereum’s proof-of-stake. CasperLabs aims to launch the blockchain’s mainnet by 2021. 

Talking about the upcoming token sale with BitMAX, COO Clifford Sarkin commented, “It’s a really attractive opportunity to participate with the same terms that are usually only available to institutional investors,” 

On the other hand, starting from 30th March, BitMAX will sell a new CasperLabs token (CLX) to retail investors mainly in China, Vietnam, South Korea, Russia, and India. 

Having said that, token sales to non-accredited investors are barred in the US. Hence, US-based investors will not be able to participate in the upcoming campaign. 

Manohar claims that CasperLabs will have a total token supply worth roughly $100 million, out of which employees will retain approximately 8%, and this will have a three-year vesting period. 

Talking about the roll-out of assets to investors amid the COVID-19 outbreak, Manohar said that the terms of distribution have been structured in a manner that will protect all sorts of risks. He also said that the network, once launched will be equipped with features like build-in yields. 

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