The project of the founder of the Indian exchange WazirX attracted $30 million of investment from the exchange

24.10.2022 Off By apos2t

The developers of the sharding-focused blockchain startup Shardeum have attracted $30 million in seed investments with a project estimate of $225 million. More than 30 investors participated in the round, including the Australian cryptocurrency platform, Big Brain Holdings, Jane Street and Foresight Ventures.

Shardeum is headed by the founder of the Indian exchange WazirX Nishal Shetty and blockchain architect Omar Saed. Developers are creating a Proof-of-Stake blockchain platform using dynamic sharding technology.

“The blockchain trilemma was a difficult problem. Scalability is the most important factor hindering the wider adoption of cryptocurrencies in emerging markets like India”, Shetty stressed.

According to his forecasts, over the next few years, more than a billion people will join Web3.

“We need a scalable blockchain that will forever provide a one-cent commission while maintaining decentralization. Shardeum strives to achieve this”, the co—founder of the project added.

The funds raised during the private tokensale will be used to increase marketing efforts, expand the development team and conduct hackathons in India and the USA to create incentives for the development of the ecosystem.

“I think they are trying to implement an interesting approach to sharding, which increases TPS as new nodes are added”, the head said Justin Hance.