Shardeum raises $18.2 million in Seed Round Funding

Shardeum experienced overwhelming support in its seed funding round. Over 50 investors were invited to participate, and at the end of the day, Shardeum managed to raise $18.2 million. WEMADE was one of the investors to participate in the seed funding round. The strategic investment done by Wemade is crucial, especially because it is looking to have a synergistic effect through this partnership for its blockchain mainnet called WEMIX3.0.

Henry Chang, the Chief Executive Officer of WEMADE, appreciated Shardeum for deploying the best technology while highlighting the project’s potential. Henry Chang further stated that the Indian market played a very important role in finalizing the strategic investment. Since WEMADE is eyeing to expand its operations in India, there is no doubt that the venture will look to enter into more partnerships to strengthen its footprints along with the presence of the WEMIX3.0 ecosystem.

Nischal Shetty is the founder of WazirX, the best crypto exchange in India, and he is now the one to come up with Shardeum making it India’s first mainnet project. Nischal is supported by Omar Syed, who hails from the background of blockchain architecture. Together, they are delivering the first EVM-based sharded blockchain mainnet to the world with a low gas fee.

Shardeum aims to onboard billions of users and several Web3 decentralized applications in the days to come. What is expected to work in its favor is offering a smart contract platform and user-friendly programming languages, namely Vyper & Solidity. However, of all the investors who participated in the funding round, 40% were Angel Investors, with others being Venture Capitalists. Some of the Angel Investors who expressed confidence in Shardeum are:-

  • Ajeet Khurana, the Founder of Reflexical
  • Mayur Gupta, the Chief Marketing Officer of Kraken
  • Pankaj Gupta, the Vice President of Engineering at Coinbase

Some of the VCs who participated in the seed funding round organized by Shardeum are as follows:-

  • Struck Crypto
  • Big Brain Holdings
  • The Spartan Group
  • Jane Street
  • Foresight Ventures

The focus was kept tight on decentralization to maximize the distribution of SHM. Investors, whether angel or venture, have been selected thoughtfully. Qualities that set current investors apart are their intentions to support the growth of Shardeum and boost the rise of the Web3 ecosystem. Plus, investors bring a vast network of their presence on different continents.

For instance, some investors are not just in Asia but also in Africa, LatAm, and Europe. Knowledge related to these geographical locations will come in handy at the time when the platform looks to cross international borders following all the regulations. Shardeum rides high with the strength of its community which continues to grow. Over 50 investors participating in the seed fun round makes it more evident.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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