WazirX seeking to raise up to $20 million for new blockchain project

24 Aug 2022 , 08:55 AM

Nischal Shetty, the co-founder of cryptocurrency exchange WazirX, is seeking $17—$20 million for Shardeum, his newest blockchain-based project. According to insiders, the money will raise Shardeum’s valuation to around $200 million. Shetty is developing it with blockchain architect Omar Syed, who is located in the US. IANS was informed by Shetty that the business is currently raising seed capital and would soon go official after the round is finished.

“We are honored to have the backing of some of the top investors who support our goal of making decentralization available to everyone. As our investment round progresses, we’ll be able to share more details about our efforts to speed up Web3 adoption in developing nations like India “Says Shetty. The time to construct the infrastructure to support this growth is now, he continued, since Web3 will surpass 1 billion users over the course of the next five years.

Shardeum promises to address Ethereum’s and other Blockchains’ current drawbacks, such as their low scalability, expensive fees, and slow throughput. Shardeum is a sharded blockchain with “infinite” scalability, strong decentralization, and improved security that is compatible with the Ethereum Virtual Machine (EVM). The business plans to leverage “sharding architecture” to support billions of daily active users, enabling decentralized applications on a large scale. The largest cryptocurrency exchange in India is WazirX, and in 2021, it had an annual trading volume of more than $43 billion.