Nischal Shetty’s Shardeum in talks to raise $18 million in seed round
- ByStartupStory | August 24, 2022
The founder and CEO of India’s bitcoin and cryptocurrency exchange, WazirX Nischal Shetty, is in negotiations to secure $18.28 million in funding for Shardeum, his next blockchain firm.
According to sources, the startup’s valuation after the fundraising will be $200 million.
On August 23, The Spartan Group, Struck Crypto, Big Brain Holdings, and Cogitent Ventures were among the investors that have took part in the round.
The CEO of the WaxirX Nischal Shetty said, “We’re thrilled to have support from some of the top investors who believe in our mission of making decentralization accessible to everyone. Our funding round is currently ongoing, and we look forward to sharing more information on how we’re working to accelerate Web3 adoption in emerging economies like India. The next five years will see Web3 reach over one billion users, and the time to build infrastructure to support this growth is now,” confirming the startup claim on raising its seed round, which has seen participation from top investors as well.
In order to achieve infinite scalability, decentralisation, and security, Shardeum is developing a sharded blockchain, which divides a company’s entire blockchain into smaller partitions. This blockchain is supported by Ethereum Virtual Machine (EVM).
“We’re looking at how to scale across different geographies, and trying to understand the rest of the world to work towards global adoption,” said Nischal Shetty, revealing that Shardeum was looking for investors from different geographies earlier in June this year.
About Shardeum
Shardeum, Co-founded by Omar Syed and Nischal Shetty is an EVM-based, linearly scalable smart contract platform that provides low gas fees forever while maintaining true decentralization and solid security through dynamic state sharding.
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