WazirX Founder’s Project Raises $18.2M

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Sharding-focused blockchain startup Shardeum has recently raised $18.2 million in seed funding at a $199 million project valuation.

More than 50 investors have taken part in the round, including Spartan Group, Big Brain Holdings, Jane Street and Foresight Ventures.

The company is led by Nischal Shetty, founder of Indian exchange WazirX, and blockchain architect Omar Saed. The developers are creating a blockchain platform based on Proof-of-Stake using dynamic sharding technology.

The former has said:

“The blockchain trilemma has been a complex issue. Scalability is the most important factor hindering wider adoption of cryptocurrencies in emerging markets like India.”

He predicts that 1 billion people will join Web3 over the next few years.