Nischal Shetty, founder of crypto exchange WazirX, has raised $18 million in funding for his new crypto project Shardeum.
Shardeum, which will offer a scalable network service, received $18 million at a valuation of $199 million from a funding round. The new project was created in partnership with Nischal Shetty, founder of the WazirX exchange, and Omar Syed, a blockchain architect. The platform started working to get funding last August.
Full Support to Shardeum Project
Launched as an innovative project, Shardeum will produce dynamic works within the scope of efficiency gains. The platform will use sharding technology for this structure. Sharding, which increases block areas for more transaction opportunities and provides lower gas fee services, will form the infrastructure of Shardeum.
Shetty, the founder of the project, said:
Blockchain issues were a difficult problem to solve. Scalability is the most important factor hindering wider crypto adoption, especially in emerging markets like India.
Arguing that scalability has an important place in this developing technology, Shetty stated that he trusts the project he will develop. Shetty said that the Web3 ecosystem continues to grow day by day. Also, according to Shetty, 1 billion people will adopt Web3 technology in the near future. Its center, India, has the population suitable for this target.
The new funds raised will be used to accelerate the project’s marketing efforts and grow the development team. The team will host hackathons in India and the US to attract developers to the ecosystem.
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