{"id":68765,"date":"2022-10-18T17:12:20","date_gmt":"2022-10-18T14:12:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68765"},"modified":"2025-09-07T15:57:26","modified_gmt":"2025-09-07T12:57:26","slug":"wazirx-founders-project-raises-18-2m-in-seed-round","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/wazirx-founders-project-raises-18-2m-in-seed-round\/","title":{"rendered":"WazirX founder&#8217;s project raises $18.2m in seed round"},"content":{"rendered":"<p>The developers of the Shardeum blockchain startup, focused on <a href=\"https:\/\/forklog.com\/en\/news\/what-is-sharding\">sharding<\/a>, raised $18.2m in seed funding at a $199m valuation.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">\ud83d\udce2 Shardeum raises $18.2M in seed round from 50+ investors<\/p>\n<p>\ud83d\udcaa Our VCs &#038; institutional investors include <a href=\\\"https:\/\/twitter.com\/bigbrainvc?ref_src=twsrc%5Etfw\\\">@bigbrainvc<\/a> <a href=\\\"https:\/\/twitter.com\/StruckCrypto?ref_src=twsrc%5Etfw\\\">@StruckCrypto<\/a> <a href=\\\"https:\/\/twitter.com\/JaneStreetGroup?ref_src=twsrc%5Etfw\\\">@JaneStreetGroup<\/a> <a href=\\\"https:\/\/twitter.com\/TheSpartanGroup?ref_src=twsrc%5Etfw\\\">@TheSpartanGroup<\/a> <a href=\\\"https:\/\/twitter.com\/GhafCapital?ref_src=twsrc%5Etfw\\\">@GhafCapital<\/a> <a href=\\\"https:\/\/twitter.com\/DFG_OfficiaI?ref_src=twsrc%5Etfw\\\">@DFG_OfficiaI<\/a> <a href=\\\"https:\/\/twitter.com\/ForesightVen?ref_src=twsrc%5Etfw\\\">@ForesightVen<\/a> <a href=\\\"https:\/\/twitter.com\/JSquare_co?ref_src=twsrc%5Etfw\\\">@JSquare_co<\/a> <a href=\\\"https:\/\/twitter.com\/CogitentV?ref_src=twsrc%5Etfw\\\">@CogitentV<\/a> <a href=\\\"https:\/\/twitter.com\/WemixNetwork?ref_src=twsrc%5Etfw\\\">@WemixNetwork<\/a> <a href=\\\"https:\/\/twitter.com\/verisventures?ref_src=twsrc%5Etfw\\\">@verisventures<\/a> <a href=\\\"https:\/\/twitter.com\/Nestcoin?ref_src=twsrc%5Etfw\\\">@Nestcoin<\/a> <a href=\\\"https:\/\/twitter.com\/coingecko?ref_src=twsrc%5Etfw\\\">@coingecko<\/a> <a href=\\\"https:\/\/t.co\/RZfv0nLXGV\\\">pic.twitter.com\/RZfv0nLXGV<\/a><\/p>\n<p>\u2014 Shardeum (@shardeum) <a href=\\\"https:\/\/twitter.com\/shardeum\/status\/1582369706773995521?ref_src=twsrc%5Etfw\\\">October 18, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In the round, more than 50 investors participated, including Spartan Group, Big Brain Holdings, Jane Street and Foresight Ventures.\u00a0<\/p>\n<p>Shardeum is led by Nischal Shetty, founder of the Indian exchange WazirX, and blockchain architect Omar Saed. The developers are building a blockchain platform based on <a href=\"https:\/\/forklog.com\/en\/news\/proof-of-stake-how-it-works-and-why-it-is-so-popular\">Proof-of-Stake<\/a>, using the technology of dynamic sharding.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201c<a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-blockchain-trilemma\">Blockchain trilemma<\/a> was a difficult problem. Scalability is the most important factor hindering broader adoption of cryptocurrencies in developing markets like India,\u201d said Shetty.<\/p>\n<\/blockquote>\n<p>According to him, in the coming years, 1 billion people will join <a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3<\/a>.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe need a scalable blockchain that will permanently guarantee a one-cent fee while preserving decentralization. Shardeum aims to achieve this,\u201d added the project co-founder.<\/p>\n<\/blockquote>\n<p>Funds raised during the private token sale will be used to ramp up marketing efforts, expand the development team, and hold hackathons in India and the United States to spur ecosystem growth.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cI think they are trying to implement an interesting approach to sharding that increases <span data-descr=\\\"transactions per second\\\" class=\\\"old_tooltip\\\">TPS<\/span> as new nodes are added,\u201d said Balaji Srinivasan, former Coinbase CTO.<\/p>\n<\/blockquote>\n<p>The mainnet launch is planned for the first quarter of next year. A public token sale is planned later.<\/p>\n<p>Earlier, Vitalik Buterin stated that thanks to sharding and expanded use of Rollups, Ethereum throughput will reach <a href=\"https:\/\/forklog.com\/en\/news\/buterin-foresees-ethereum-throughput-of-100000-tps\">100,000 TPS<\/a>.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Shardeum blockchain startup focused on {{AOPEN_1}}sharding{{ACLOSE_1}} raised $18.2m.<\/p>\n","protected":false},"author":1,"featured_media":68766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2127,1133],"class_list":["post-68765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-sharding","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=68765"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68765\/revisions"}],"predecessor-version":[{"id":68767,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68765\/revisions\/68767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/68766"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=68765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=68765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=68765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}