New Delhi, Aug 23 : Crypto exchange WazirX’s co-founder Nischal Shetty is seeking $17 to $20 million for his blockchain-based venture named Shardeum.According to reports, the funding will boost the value of Shardeum that Shetty is developing with his co-founder from the US as well as Blockchain architect Omar Syed, to nearly $200 million.
Shetty said to IANS that the company is seeking seed money, and will announce the funding when the round is complete.
“We’re delighted to receive the support of several of the most prominent investors who are in our goal of making decentralisation available to everyone.
Our funding round is currently in progress and we’re looking to sharing more details about our efforts to increase Web3 acceptance in emerging economies such as India,” Shetty said.
“The next five years will witness Web3 grow to over 1 billion users, and the time to create infrastructure to help support the growth of this is right today,” he added.
Shardeum seeks to address the problems of Blockchains like Ethereum which include low scaling, high fees as well as low throughput.
Shardeum is an Ethereum Virtual Machine (EVM)-compatible sharded blockchain with unlimited scaling, high decentralisation, and enhanced security.
The startup is aiming to make use of “sharding architecture” to handle billions of daily active users, which will allow for global-scale , decentralised applications.
“In Shardeum, we have automatic scaling, which means that the Blockchain capacity grows when more people join the network.
This ensures that the costs will never increase.We anticipate the fees to remain in the range of Rs.1 to Rs.1,” Shetty told IANS.
This news is coming amid the Binance-WazirX dispute following ED Raids against WazirX’s parent company Zanmai Lab earlier this month.
Binance has withdrawn its Shetty-owned cryptocurrency platform WazirX and also removed the off-chain transfer channel that connects WazirX as well as Binance.
Shetty denied Binance’s claims, saying Binance owns the WazirX domain name , has access to AWS servers, and has all the crypto assets as well as cryptocurrency profits.
On November 21, 2019, Binance said it had “acquired” WazirX.
WazirX is the biggest crypto exchange in India and its annual trading volume was more than $43 billion in 2021.
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