Shardeum, a blockchain startup focusing on sharding protocols, has raised $5.4 million in a strategic funding round.
This investment round has increased Shardeum’s valuation to an estimated $248 million. The project is the brainchild of Nischal Shetty, founder of Indian crypto exchange WazirX, and blockchain architect Omar Saed.
This investment will be used to prioritize the decentralization of the technology as well as to build a community by offering training and other related initiatives, says head of development Kelsey McGuire.
This funding round has been participated in by Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, and Luganodes.
In October 2022, Shardeum raised $18.2 million in seed funding at a $199 million valuation and plans to launch the main network at the end of 2023.
Despite a 71% decrease in venture deals in the crypto industry last June, Scroll raised $50 million at a $1.8 billion valuation on March 7, and Web3Go closed a $4 seed funding round led by Binance Labs.
