Blockchain Startup Shardeum Raises Investment in Fundraising Round

Blockchain startup Shardeum, founded by Nischal Shetty who is a co-founder of Indian cryptocurrency exchange WazirX has raised $18.2 million (about 145.6 crores) in its early fundraising round, the company said on Tuesday.

Over 50 investors took part in the round, including strategic investors like CoinGecko Ventures, Wemade, ZebPay, Jsquare, MH Ventures, Nestcoin, Veris Ventures, Tupix Capital, Mapleblock Capital, and NetZero Capital as well as Big Brain Holdings, The Spartan Group, DFG, Ghaf Capital Partners, and Jane Street.

In comparison to existing Layer-1 blockchains like Ethereum, Shardeum is a proof-of-stake smart contract platform that attempts to have better scaling capabilities. With each new node added to the network, the blockchain’s dynamic state-sharding technology enables linear scaling and a rise in TPS (transactions per second), guaranteeing that the network can continue to operate with cheap gas costs eternally.

Shardeum created a cutting-edge architecture that enables atomic cross-shard composability to address the UX problems that users and developers now have with current sharded blockchains.

The additional funds will be utilized to expand the development team and step up the company’s marketing initiatives in order to further improve Shardeum’s dynamic sharding technology and ecosystem development, with an emphasis on product and design development.

Shardeum will actively sponsor hackathons in India and the US over the coming year and offer a platform to encourage developers to create and expand the Shardeum ecosystem.

29 people work with Shardeum and are located all over the world, including in Brazil, India, the US, and the UK.

A public argument between Changpeng Zhao, CEO of Binance, and WazirX executives about whether Binance is the parent firm of the Indian exchange is just one of the issues WazirX has been dealing with recently. In October 2021, WazirX reached a one-year high of 478 million daily trading volumes. By contrast, in October 2022, those volumes had dropped to 1.5 million.