Shardeum Secures $5.4 Million in Funding to Propel Ecosystem Growth

Shardeum Secures $5.4 Million in Funding to Propel Ecosystem Growth

Shardeum, the EVM-based layer-1 blockchain company founded by Nischal Shetty, has successfully secured $5.4 million in a recent funding round. The round was led by prominent investors such as Amber Group, Galxe, J17 Capital, JSquare, and TRGC. Other notable participants included Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and more.

The funds raised will be utilized to bolster the growth of Shardeum’s ecosystem in preparation for the mainnet launch later this year. This strategic move aims to support the company’s expansion plans and further establish its position in the market.

Shardeum, established in 2022, is an EVM-based blockchain that implements dynamic state sharding. This innovative approach allows the platform to maintain low gas fees while achieving high transaction throughput as user participation increases. With its scalability and efficiency, Shardeum has gained significant traction within the blockchain community.

As of July 7th, 2023, Shardeum boasts impressive statistics on its testnet. The company has witnessed over 7.4 million transactions, with more than 820,000 active accounts and over 230,000 deployed contracts. These numbers highlight the platform’s robustness and the trust it has garnered from users.

Kelsey McGuire, the Chief Growth Officer at Shardeum, expressed the company’s enthusiasm for the successful funding round. McGuire emphasized that this achievement propels Shardeum closer to its mission of cultivating a diverse and global community. McGuire also highlighted the accessibility of Shardeum’s consensus design and the use of dynamic state sharding, making validator participation available to users regardless of their computing resources. In addition, the funding will enable the company to focus on decentralization efforts, including expanding the community through educational initiatives.

This recent funding round follows a previous successful raise in October 2022 when Shardeum secured $5.4 million from investors such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures.

With this infusion of capital, Shardeum is well-positioned to drive its ambitious plans for growth and development. As the mainnet launch approaches, the company is poised to make significant strides in the blockchain landscape, offering a highly scalable and efficient platform that caters to the needs of businesses and startups.

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