In a significant development, Shardeum, the innovative EVM-based layer-1 blockchain spearheaded by Nischal Shetty, has successfully raised $5.4 million in a funding round. The round was led by prominent investors such as Amber Group, Galxe, J17 Capital, JSquare, and TRGC, along with the participation of Jsquare, Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and other notable contributors.
This latest funding injection comes as Shardeum prepares for the highly-anticipated mainnet launch later this year. The startup intends to utilize the funds to bolster the growth of its ecosystem and facilitate the smooth rollout of its revolutionary platform.
Shardeum, founded in 2022, stands out for its highly scalable nature, thanks to its EVM-based layer-1 blockchain that employs dynamic state sharding. This innovative approach ensures that gas fees remain low while increasing the transaction capacity as user participation surges.
Since its inception, Shardeum has experienced impressive traction, boasting over 7.4 million transactions on its testnet. The platform has garnered the attention of more than 820,000 accounts and has seen over 230,000 deployed contracts as of July 7th, 2023.
Kelsey McGuire, the Chief Growth Officer at Shardeum, expressed enthusiasm for the successful funding round, stating, “The completion of this strategic raise from key participants puts Shardeum in a prime position to expand on our mission to cultivate a global and diverse community. Shardeum’s consensus design and utilization of dynamic state sharding enable accessible validator participation, regardless of users’ access to computing resources. This funding allows us to prioritize decentralization and fuel the growth of our participant community worldwide through educational initiatives and other key programs.”
This recent funding round builds on Shardeum’s previous success, having secured $5.4 million in October 2022 from notable investors such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures.
Shardeum’s impressive progress and innovative blockchain technology have positioned the startup as a frontrunner in the industry. With the substantial funds raised, the company is well-equipped to further advance its ecosystem and drive global adoption. As the mainnet launch draws nearer, the business world eagerly awaits the transformative impact Shardeum’s groundbreaking platform will have on the future of blockchain technology and decentralized finance.
About Shardeum: Founded in 2022, Shardeum is an EVM-based layer-1 blockchain that leverages dynamic state sharding to enhance scalability and transaction throughput. By keeping gas fees low and accommodating growing user participation, Shardeum aims to revolutionize blockchain technology and drive the mainstream adoption of decentralized applications.
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Ankur Srivastava 
TET 
The Entrepreneur Today Desk