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Sharedum Raises $5.4 Million From Amber Group And Others

Prior to this, Shardeum bagged $18.2 million in a seed funding round led by investors like Jane Street, Big Brain Holdings, Blockchain Ventures Hub, CryptoViet Ventures and Blue7

Sharedum Raises $5.4 Million From Amber Group And Others

Outlook Start-Up Desk

POSTED ON July 10, 2023 1:31 PM

Nischal Shetty-led Shardeum has raised $5.4 million in a strategic fundraising round led by a bunch of investors like Amber Group, Galaxy, J17 Capital, JSquare, TRGC and others. The funding came before its much-awaited mainnet launch, which is scheduled for the latter half of this year. 

The company is planning to utilise the newly-infused fund to support the growth of an ecosystem, which will help the launch of the mainnet. In addition to this, the company wants to fuel its expansion plans with the latest round of funding. 

Prior to this, Shardeum bagged $18.2 million in a seed funding round led by investors like Jane Street, Big Brain Holdings, Blockchain Ventures Hub, CryptoViet Ventures and Blue7. 

Sharedum has been founded by Omar Syed and the founder of WazirX, Nischal Shetty. According to Entracker, the company is an EVM-based layer 1 platform that uses sharding to increase transactions per second (TPS). It has registered 7.4 million transactions and more than 8,20,000 accounts on testnet. 

Talking about the fundraising round, Nischal Shetty said, “We want to build a user community of over 2 million in the next six months. We have already done over 100 products on our network in the testnet. We want to cross 500 in the next six months. There are wallets, decentralised exchanges, dex aggregators being built and then products built only for Shardeum.”

“We also have a few geographic targets, like Nigeria, Vietnam and the US. We have already hired a chief growth officer in the US,” he added. 
 

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