Shardeum a Layer 1 Blockchain Network, Secures a $5.4 Million Strategic Funding Round
Layer 1 blockchain network Shardeum has successfully raised $5.4 million in a strategic funding round from notable investors including Amber Group, Galxe, J17 Capital, JSquare, TRGC, and others. The funding comes ahead of Shardeum’s highly anticipated mainnet launch, scheduled for later this year. The newly secured capital will be utilized to support the ecosystem’s growth and development in preparation for the mainnet launch. Mainnet represents a fully developed blockchain protocol that is ready for public use, serving as the primary infrastructure for a particular cryptocurrency network.
Nischal Shetty, co-founder of Shardeum and also the co-founder of crypto exchange WazirX, highlighted two key objectives of the strategic funding round. The first objective is to enable Web3 for project teams and startups interested in utilizing Shardeum’s network. The second objective is to expand into new geographies and foster the creation of new communities.
Shetty emphasized that this round aimed to selectively choose investors and projects that can bring strong strategic value to the Shardeum ecosystem. The focus is on building a collaborative and supportive ecosystem surrounding Shardeum.
In an interview, Shetty expressed his priority of achieving the mainnet launch this year and building a user community of over 2 million within the next six months. With already over 100 products deployed on the network’s testnet, the goal is to surpass 500 products in the coming months. Shardeum also plans to target specific geographic regions, including Nigeria, Vietnam, and the United States, where they have already hired a Chief Growth Officer.
The successful completion of the strategic funding round enables Shardeum to expand its global presence and cultivate a diverse community. With its consensus design and dynamic state sharding, Shardeum ensures that validator participation is accessible to users regardless of their computing resources. Shardeum’s testnet has witnessed over 7.4 million transactions, with more than 820,000 accounts and over 230,000 contracts deployed.
Nischal Shetty, co-founder of Shardeum and also the co-founder of crypto exchange WazirX, highlighted two key objectives of the strategic funding round. The first objective is to enable Web3 for project teams and startups interested in utilizing Shardeum’s network. The second objective is to expand into new geographies and foster the creation of new communities.
Shetty emphasized that this round aimed to selectively choose investors and projects that can bring strong strategic value to the Shardeum ecosystem. The focus is on building a collaborative and supportive ecosystem surrounding Shardeum.
In an interview, Shetty expressed his priority of achieving the mainnet launch this year and building a user community of over 2 million within the next six months. With already over 100 products deployed on the network’s testnet, the goal is to surpass 500 products in the coming months. Shardeum also plans to target specific geographic regions, including Nigeria, Vietnam, and the United States, where they have already hired a Chief Growth Officer.
The successful completion of the strategic funding round enables Shardeum to expand its global presence and cultivate a diverse community. With its consensus design and dynamic state sharding, Shardeum ensures that validator participation is accessible to users regardless of their computing resources. Shardeum’s testnet has witnessed over 7.4 million transactions, with more than 820,000 accounts and over 230,000 contracts deployed.
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