Layer-1 blockchain firm Shardeum nets $5.4m in strategic funding

Layer-1 blockchain firm Shardeum nets $5.4m in strategic funding

Shardeum, a “highly-scalable EVM-based layer-1 blockchain deploying dynamic state sharding,” has successfully closed a $5.4m strategic investment round.

This funding round comes as a testament to the potential of Shardeum, even amidst a bearish market scenario.

This significant investment of $5.4m is pooled from various strategic investors including Amber Group, Galxe, J17 Capital, JSquare, and TRGC, among others. Shardeum has the intention to harness this newly acquired funding to bolster the growth of their ecosystem leading up to the anticipated mainnet launch later in 2023.

Founded in 2022, Shardeum is focused on deploying dynamic state sharding on a highly-scalable EVM-based layer-1 blockchain. This approach facilitates low gas fees and high transactions per second as user participation expands. As of July 7, 2023, the Shardeum testnet has already facilitated over 7.4 million transactions, supporting more than 820K accounts and the deployment of over 230K contracts.

The new funding is primarily aimed at enhancing the decentralised nature of Shardeum. The firm has plans to expand its global community outreach through various key initiatives and education. This would make participation in Shardeum’s validation process highly accessible, irrespective of users’ computing resources.

In addition to the major participants in this strategic raise, the list also includes names like Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and others.

Shardeum’s Chief Growth Officer, Kelsey McGuire, said, “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 prioritise decentralisation by growing our community of participants worldwide through education and other key initiatives.”

Prior to this recent capital influx, Shardeum had secured a successful seed round worth $18.2m in October 2022. This seed round saw participation from renowned backers such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures.

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