Shardeum, a smart contract platform built on the Ethereum Virtual Machine (EVM) with linear scalability, has successfully raised $5.4 million in a strategic funding round. Prominent investors such as Amber Group, Galxe, J17 Capital, JSquare, TRGC, and others contributed to this funding initiative.
The newly acquired capital will play a vital role in supporting the expansion of Shardeum’s ecosystem as it gears up for its mainnet launch later this year. The mainnet launch signifies the full development and operationalization of the digital network, serving as the core infrastructure for the blockchain project.
Founded by Nishchal Shetty, the founder of WazirX, Shardeum previously raised $18.2 million in a seed round last October, valuing the startup at $200 million. Noteworthy investors in the seed round included Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, Foresight Ventures, and others.
Shardeum, established in 2022, operates as a layer-1 EVM-based blockchain smart contract platform known for its linear scalability. The platform boasts low gas fees, ensures genuine decentralization, and prioritizes robust security through dynamic state sharding. By utilizing sharding, Shardeum can increase transactions per second (TPS) with the addition of each new node.
As of July 7, 2023, the Shardeum testnet has witnessed over 7.4 million transactions, with more than 820,000 accounts and over 230,000 deployed contracts, setting the stage for a highly anticipated mainnet launch later this year.