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Shardeum raises funds for web 3 projects !!!



Crypto exchange WazirX’s co-founder Nischal Shetty is raising $17-$20 million for his new Blockchain-based venture called Shardeum. 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.

Shetty told that the startup is raising seed funds, and will soon make it official once the round is completed. Also Read - Crypto Downfall Continues! Coinbase Reports $1.1 bn In Net Loss, Revenue Drops 60% In Q2

“We’re thrilled to have support from some of the top investors who believe in our mission of making decentralisation 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,” Shetty said.

“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.

Shardeum aims to solve the existing shortcomings of Blockchains, such as Ethereum, including low scalability, high fees, and low throughput.Shardeum is an Ethereum Virtual Machine (EVM)-compatible sharded blockchain with ‘infinite’ scalability, high decentralisation and increased security.
Posted On: Aug 24, 2022

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