According to Indian media reports, the funding will take the valuation of Shardeum, which Shetty is building with his US-based Co-founder and Blockchain architect Omar Syed, to nearly $200 million.
“We’re thrilled to have support from some of the top investors who believe in our mission of making decentralization accessible to everyone. Our funding round is currently ongoing, and we look forward to sharing more information on how we’re working to accelerate Web3 adoption in emerging economies like India,” Shetty said to the local media, adding that the startup is raising seed funds, and will soon make it official once the round is completed.
He continued, “The next 5 years will see Web3 reach over 1 billion users and the time to build infrastructure to support this growth is now.”
Shardeum: A Smart Contract Platform
Shardeum is an Ethereum Virtual Machine (EVM)-compatible sharded blockchain with “infinite” scalability, high decentralization, and increased security.
Shetty justified his decision to use EVM and said, “We decided to use EVM because we’re not here to reinvent the wheel. We don’t want to divide the community that already exists. The innovation of Shardeum is in making compute and state sharding possible. For everything else, if there is a good solution, we’ll use that.”
On the Flipside
Why You Should Care
The startup aims to utilize “sharding architecture” to accommodate billions of daily active users, allowing for global-scale decentralized applications.
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Source: Cryptocurrency - investing.com
