Indian crypto exchange Wazirx founder Nishal Shetty is in talks to raise daughter funding for his new venture, sources familiar with the matter told TechCrush.
Shetty is raising $20 million to $30 million in seed funding for his blockchain startup Shardem, sources said, requesting anonymity because the discussions are ongoing and private. The sources added that the funding startup proposed to estimate around $200 million.
Spartan Group, Struck Crypto, Big Brain Holdings and Cogent Ventures are some of the investors committed to participate in the round, the sources said.
Shetty confirmed that the startup is in talks to raise funding, but said the round is not closed.
“We are currently working with top VCs on an ongoing funding round. While not yet closed, we expect to see great support for Shardium, our mission to make blockchain technology faster, smarter and usable for everyone,” a spokesperson said in a statement.
“We look forward to sharing more details as we work to turbocharge our expanding team and accelerate Web3 adoption for developers and their users.”
Shardium is trying to solve the trilemma that affects most blockchains, where they have to prioritize between efficiency, security and decentralization, but at best they can choose only two of these features.
Shardium is using a technique called sharding, which divides the network into shards so that multiple transactions are processed, verified, and validated in parallel, the startup reviewed by TechCrunch.
The startup’s blockchain, which is currently in the testnet, aims to reduce the cost of running the network by being compatible with EVMs and using share verification and quorum consensus methods by relying on three types of nodes – validator, registry and standby – in the network, the investor said on the floor. .
In a statement, Shardium claims it can process more than 100,000 transactions per second with 100,000 nodes and expects a latency of 10 seconds. He said the L1 blockchain would provide a means for Ethereum developers to migrate to Shardium and maintain stable gas payments.
The startup plans to target India and emerging markets, two sources familiar with the matter said. He said on board that he aims to carry out the mainnet launch in the quarter from October and launch more than 500 million SHM tokens.
