Shardeum, an Ethereum Virtual Machine based platform, will use the $5.4 million raised in an investment round led by Amber Group, Galxe, J17 Capital, JSquare, TRGC, and other investors to boost the platform’s network expansion. Shardeum is a blockchain company that was co-founded by WazirX founder Nishchal Shetty.
Later this year, Shardeum is expected to deploy its mainnet. An individual blockchain platform has a mainnet, which is a fully working digital network that serves as its central support network. The funds will be used to support the development of the ecosystem, as reported by Indianweb2.com.
Kelsey McGuire, Chief Growth Officer at Shardeum, said, “The completion of this strategic raise from key participants puts Shardeum in position to expand on our mission to cultivate a global and diverse community. Given Shardeum’s consensus design and use of dynamic state sharding, validator participation is highly accessible regardless of user access to computing resources. This raise allows us to continue to prioritize decentralization by growing our community of participants worldwide through education and other key Initiatives.”
Nischal Shetty and Omar Syed launched Shardeum. It is the first EVM-based L1 blockchain in the world, using dynamic state sharding to boost TPS with each new node.