Shardeum, a state-of-the-art layer-1 blockchain utilizing dynamic state sharding, has recently concluded a lucrative $5.4m strategic investment cycle.
This funding round serves as a resounding testament to Shardeum’s immense potential, even in the face of a bearish market scenario.
An impressive investment of $5.4 million has been secured from a diverse group of strategic investors, including notable names such as Amber Group, Galxe, J17 Capital, JSquare, and TRGC, among others. Shardeum intends to leverage this substantial funding to accelerate the growth of its ecosystem, leading up to the highly anticipated mainnet launch slated for later in 2023.
Established in 2022, Shardeum is laser-focused on deploying dynamic state sharding on a highly scalable EVM-based layer-1 blockchain. This innovative approach enables the platform to offer low gas fees and achieve high transactions per second as user participation continues to expand. As of July 7, 2023, the Shardeum testnet has already facilitated over 7.4 million transactions, supporting more than 820,000 accounts and deploying over 230,000 contracts.
The primary objective of this new funding is to enhance the decentralization aspect of Shardeum’s platform. The company has ambitious plans to extend its global community outreach through a range of strategic initiatives and educational endeavors. This approach aims to make participation in Shardeum’s validation process highly accessible, regardless of users’ computing resources.
Moreover, the strategic raise also boasts the involvement of prominent entities such as Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and several others.
Kelsey McGuire, Shardeum’s Chief Growth Officer, expressed her enthusiasm, stating, “The successful completion of this strategic raise with key participants positions Shardeum to expand upon our mission of cultivating a diverse and global community. Thanks to our consensus design and utilization of dynamic state sharding, the involvement of validators remains highly accessible, irrespective of users’ access to computing resources. This funding round empowers us to prioritize decentralization and foster the growth of our participant community worldwide through educational initiatives and other key endeavors.”
Prior to this significant influx of capital, Shardeum had already secured a highly successful seed round worth $18.2 million in October 2022. Renowned backers such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures participated in this seed round, further cementing Shardeum’s position in the industry.