Shardeum raised $18.2M in seed round funding to tackle blockchain scalability

Shardeum raised $18.2M in seed round funding to tackle blockchain scalability

chardiumA blockchain based on the Ethereum Virtual Machine (EVM) that enables infinite scalability and atomic structure across fragments, has announced $18.2 million in first-round funding for the blockchain. The round includes over 50 investors with notable investors such as Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, Foresight Ventures as well as other notable strategic investors including CoinGecko Ventures, Wemade, ZebPay, Jsquare, MH Ventures, Nestcoin, Veris Ventures, Tupix Capital, Mapleblock Capital and NetZero Capital. Several influential angel investors participated in the round, including Balaji Srinivasan, Mayur Gupta (CMO of Kraken), Michael Monteiro (Co-Founder of Resy – ACQ. American Express and Co-Founder of CrowdTwist – ACQ. Oracle), Pankaj Gupta (Vice President) Engineering at Coinbase), Harsh Rajat (Co-Founder of Push Protocol), Nakul Gupta (Head of PM at Coinbase NFT Marketplace & Institutional Onboarding), Ajit Khurana (Founder of Reflexical), Ravi Adusumali (GP at Elevation Capital), Rohan Chauhan (Assets Digital at Hudson River Trading), Ganesh Swami (Covalent Co-Founder), Kashif Raza (Founder of Bitinning), and more.

Shardeum is a proof-of-stake smart contract platform that offers significantly improved scalability when compared to other Layer 1 blockchains such as Ethereum. The blockchain uses dynamic state hashing technology, which allows it to linearly scale and increase TPS (transactions per second) with each node added to the network, ensuring that the network can maintain low gas fees indefinitely. The main obstacle for developers in the current blockchain ecosystem is that the current shared blockchain does not allow for atomic synthesis across fragments. Shardeum has designed a new architecture that allows for atomic synthesis across fragments to solve UX issues faced by developers and users in existing blockchains.

Shardeum founders Nischal Shetty, who founded India’s largest crypto exchange, WazirX, and Omar Syed, a blockchain engineer who has helped companies including NASA, Yahoo and Zynga build scalable and fault-tolerant distributed systems, laid out three guiding principles for the Shardeum blockchain. Just like the original intent of the Internet, Chardium’s core ethos will revolve around being open, collaborative and community-based, in order to fully democratize access to decentralization.

“Blockchain Trilemma has been a difficult problem to solve, and scalability is the single most important factor preventing cryptocurrency from being more widely adopted especially in emerging markets like India,” said Nischal Shetty, co-founder of Shardeum. “The Web3 ecosystem has been on a massive spree of growth. For Web3 users to reach 1 billion users in the next few years, we need a scalable L1 blockchain that guarantees a fee of one cent in perpetuity while maintaining decentralization. Chardium aims to make that happen.”

“The Shardeum protocol is a first of its kind, strategically and effectively resolving vulnerabilities in today’s most popular blockchains,” said Adam Struck, founder and managing partner of Struck Capital. “We pride ourselves on investing in visionary projects led by revolutionary technical experts, and we are thrilled to join Shardeum in their mission to provide scalable, economical and simplified decentralization for the world.”

“I have invested in Shardeum as I think they are trying an interesting approach to scaling, increasing TPS while adding more validation nodes,” said Balaji Srinivasan.

The funds raised will be used to intensify the company’s marketing efforts along with growing the development team to further enhance Chardium’s dynamic retail technology and ecosystem development, with particular attention to product development and design. Funding will also go toward expanding the company’s research and marketing efforts. Over the next year, Shardeum will actively host hackathons in India and the United States and provide a platform that motivates developers to build and grow the Shardeum ecosystem.

To learn more about Chardium, visit: https://shardeum.org

About chardium
Shardeum is the world’s first EVM-based Layer 1 blockchain that uses hashing to increase TPS (transactions per second) as each new node is added while retaining the atomic structure. Shardeum delivers low forever gas fees while maintaining true decentralization and strong security through dynamic state splitting. Shardeum aims to accelerate the transition to Web 3.0 by providing a platform that enables better decentralized user experiences than centralized competitors at scale.


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