Indian entrepreneur and founder of crypto exchange, WazirX, Nischal Shetty is raising $18.28 million through a seed funding round for his new blockchain startup, Shardeum.
According to an inside source related to the matter, the talks for a seed funding round for Shardeum are in the advanced stages. The fundraising round will take up Shardeum’s valuation at around $200 million.
The investment rounds include the participation of numerous investors such as Spartan Group, Struck Crypto, Big Brain Holdings, and Cogitent Ventures.
Nischal Shetty agreed with the news of the ongoing fundraising round.
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“We are currently working with top VCs in an ongoing funding round. While it has not yet closed, we expect to see great support for Shardeum and our mission of making blockchain technology faster, smarter, and easier to use for everyone,” he stated via a spokesperson.
He added, “We look forward to sharing more details on how we’re working to turbocharge the expansion of our team and accelerate Web3 adoption for developers and their users.”
Shardeum is developing a sharded blockchain supported by Ethereum Virtual Machine (EVM), which will split the blockchain into small shards for faster execution of transactions. It strives to achieve infinite scalability, decentralization, and security.
