A strategic round of funding totalling $5.4 million was provided by Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, and Blue7 for the sharded blockchain Shardeum, which is based on the Ethereum Virtual Machine (EVM).
This comes after Shardeum received a seed round investment of $18.2 million from investors including Jane Street, Big Brain Holdings, Struck Crypto, and The Spartan Group in October 2022.
In the run-up to the mainnet launch later this year, Shardeum said in a blog post, it plans to use the funds to support the ecosystem’s expansion.
Shardeum is an EVM-based layer 1 blockchain that uses sharding to increase TPS (transactions per second) with the addition of each new node while maintaining atomic composability. It was founded in 2022 by Nischal Shetty, the creator of Wazirx, and Omar Syed. The platform’s low gas prices are permanent, and dynamic state sharding upholds security and decentralization.
According to the business, more than 820,000 accounts and more than 230K deployed contracts have participated in more than 7.4 million transactions on the testnet.