Shardeum raises $18.2 million in funding

19 Oct 2022 , 09:43 AM

The blockchain firm Shardeum has secured a seed round of funding totaling $18.2 million, the business announced on Tuesday. Nearly 50 investors took part in the round, among them Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, and Foresight Ventures.

The round also included strategic investors like CoinGecko Ventures, Wemade, and ZebPay. The company claims that the cash received will be used to expand the company’s research and marketing initiatives as well as its team that develops products and designs.

Launched in February 2022 by blockchain architect Omar Syed and Nischal Shetty, who previously founded cryptocurrency exchange WazirX, Shardeum addresses scalability issues and high transaction costs while maintaining a high level of decentralization, which Shetty claimed was lacking in the majority of current blockchains in an earlier interview. 

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