L1 blockchain Shardeum raises a further $5.4 million

Shardeuma blockchain imagined by the co-founder of WazirXhas just completed a new round of financing. The Layer1 network plans to launch its mainnet later this year.

Already well financed, Shardeumthe Swiss startup behind the blockchain of the same name, announced on Saturday that it had raised 5.4 million to accelerate its development.

The financing round includes the participation of several major players in the crypto ecosystem, including Amber Group, Galxe and the J17 Capital fund.

This increase will enable us to continue to prioritize decentralization by growing our community of participants worldwide through education and other key initiatives,” said Kelsey McGuire, chief growth officer at Shardeum, in a statement.

Blockchain designed by Nischal Shettythe co-founder of Indian crypto exchange WazirX, is looking to offer a Layer 1 network highly scalable, based on EVM.

The shardingsharding, from which blockchain derives its name, consists in separating and dividing databases in order to gain scalability. Each partition is kept on a separate instance to spread the load.

According to the announcement, more than 7 million transactions have already taken place on the testnet by Shardeum. The launch of its mainnet is expected by the end of the year.

📢 Shardeum raises $5.4M in Strategic Round

💪 Our investors include @ambergroup_io @Galxe @JSquare_co @trgcapi @BwareLabs @tanelabs @luganodes @CryptoVietInfo @Blue7_io Blockchain Ventures Hub, Hyperithm Group & J17 Capital among others.

Read more 👉 https://t.co/QkNArRwYSq pic.twitter.com/sXw2h58ERR

– Shardeum (@shardeum) July 8, 2023

Total funds raised by Shardeum now exceed 23 million dollarsbased on data from Crunchbase. Other supporters of the project include Jane Street, The Spartan Group and Foresight Ventures.

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