Shardeum seeking to raise $20m-$30M seed fund at $200m valuation
Nischal Shetty, the co-founder of Indian cryptocurrency exchange WazirX, is raising $17-$20 million funding round for his blockchain startup ‘Shardeum’. Shetty said that the startup is raising seed funds, and will soon make it official once the round is completed.
The startup aims to utilize “sharding architecture” to accommodate billions of daily active users, allowing for global-scale decentralized applications.
According to sources, the funding will take the valuation of Shardeum, which Shetty is building with his US-based Co-founder and Blockchain architect Omar Syed, to nearly $200 million.
Shardeum is an Ethereum Virtual Machine (EVM)-compatible sharded blockchain with ‘infinite’ scalability, high decentralization, and increased security. Shardeum aims to solve the existing shortcomings of blockchains, such as Ethereum, including low scalability, high fees, and low throughput.
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 5 years will see Web3 reach over 1 billion users and the time to build infrastructure to support this growth is now.”
He added, “In Shardeum, we have automatic scaling such that the blockchain capacity increases as more users join the network. This ensures the fees will always remain low. We are expecting the fees to be in the Rs.1 range.”
[With Inputs from IANS]
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Shetty with Omar Syed ?
Omar Syed blockchain inventor ?
Allah O Akbar ?