WazirX founder’s blockchain project Shardeum raises $18 million
The startup is co-founded by Nischal Shetty, who founded Indian exchange WazirX, and blockchain architect Omar Syed. Layer 1 blockchain Shardeum closed its $18.2 million seed funding round at a $199 million valuation. The Block first reported that the startup was seeking to raise $18 million at a $200 million valuation in August.
Over 50 investors participated in the seed round, including Spartan Group, Big Brain Holdings, Jane Street and Foresight Ventures, according to a company announcement. Co-founded by Indian exchange WazirX’s founder Nischal Shetty and blockchain architect Omar Syed, Shardeum is a proof-of-stake blockchain platform that uses dynamic state sharding technology in pursuit of efficiency gains. It helps increase block space for more transactions and reduces gas fees.
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