Shardeum, the pioneering EVM-based layer-1 blockchain with dynamic state sharding, has successfully raised $5.4 million in a recent funding round led by prominent investors such as Amber Group, Galxe, J17 Capital, JSquare, and TRGC, among others. This funding boost will play a crucial role in supporting Shardeum’s ecosystem expansion as it gears up for the highly anticipated mainnet launch later this year.
Founded in 2022 by Nischal Shetty, Shardeum has quickly gained recognition for its scalable infrastructure and low gas fees. Leveraging dynamic state sharding, the platform ensures high transaction speeds even as user participation grows. With over 7.4 million transactions conducted on its testnet, along with a staggering 820,000+ accounts and more than 230,000 deployed contracts as of July 7th, 2023, Shardeum has showcased its potential to revolutionize the blockchain landscape.
Kelsey McGuire, the Chief Growth Officer at Shardeum, emphasized the significance of this strategic funding round, stating, “The completion of this strategic raise from key participants puts Shardeum in position to expand on our mission to cultivate a global and diverse community. Given Shardeum’s consensus design and use of dynamic state sharding, validator participation is highly accessible regardless of user access to computing resources. This raise allows us to continue to prioritize decentralization by growing our community of participants worldwide through education and other key initiatives.”
The funding secured in this round follows an earlier $5.4 million investment received by Shardeum in October 2022 from prominent backers including Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures. These successive funding rounds serve as a testament to the confidence investors have in Shardeum’s vision and potential for disrupting the blockchain industry.
Shardeum’s imminent mainnet launch has generated significant anticipation within the business and startup community. By utilizing dynamic state sharding, Shardeum aims to create a highly scalable and efficient blockchain platform that can accommodate the demands of a rapidly growing user base while keeping transaction costs manageable. With this recent injection of capital, the company is poised to make significant strides in achieving this goal.
As Shardeum continues to shape the future of blockchain technology, business professionals and startup enthusiasts eagerly await the platform’s mainnet launch. With its commitment to decentralization and its impressive transaction capabilities, Shardeum is primed to revolutionize the way transactions are conducted on the blockchain, opening up new possibilities for businesses and entrepreneurs worldwide.