Nischal Shetty's Shardeum in talks to raise $18M to promote blockchain scalability

Nischal Shetty, Founder and CEO of WazirX, is in talks to raise $18.28 million in funding for his new blockchain startup, Shardeum.

The fundraise will value the startup at an estimated $200 million, according to TechCrunch.

In conversation with The Decrypting Story, the co-founder of Shardeum confirmed that the startup was raising its seed round, which has seen participation from some of the top investors.

"We’re thrilled to have support from some of the top investors who believe in our mission of making decentralization accessible to everyone. Our funding round is currently ongoing, and we look forward to sharing more information on how we’re working to accelerate Web3 adoption in emerging economies like India. The next five years will see Web3 reach over one billion users, and the time to build infrastructure to support this growth is now," Nischal said.

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With Shardeum, WazirX founder aims to achieve infinite blockchain scalability

Shardeum is working on a sharded blockchain (which splits a company's entire blockchain into smaller partitions) backed by Ethereum Virtual Machine (EVM), and aims to achieve infinite scalability, decentralization, and security.

Earlier, in June 2022, Nischal revealed that Shardeum was looking for investors from different geographies. "We're looking at how to scale across different geographies, and trying to understand the rest of the world to work towards global adoption," he remarked.

Earlier today, TechCrunch reported that investors including The Spartan Group, Struck Crypto, Big Brain Holdings, and Cogitent Ventures had participated in the ongoing round.

However, Shardeum didn't confirm to YourStory any details about the valuation size or investor names.

(The story was updated to correct a typo.)