Shardeum, a layer-1 blockchain, has raised $18.2 million in a seed round led by Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, and Foresight Ventures at a valuation of $200 million. This round, which has been in the works for over a year, comes in the midst of a challenging environment in which a number of global crypto firms have declared bankruptcy.
The blockchain platform has attracted strategic investors like CoinGecko Ventures, as well as influential angel investors like former Coinbase CTO Balaji Srinivasan, Mayur Gupta (CMO at Kraken), Michael Montero (Co-founder, Resy and CrowdTwist), Pankaj Gupta (VP Engineering at Coinbase), Harsh Rajat (Co-founder, Push Protocol), Nakul Gupta (Lead PM at Coinbase NFT Marketplace and Institutional Onboarding), Ajeet Khurana (Founder at Reflexical) and more.
“By end of this month, we will demonstrate autoscaling for blockchain network. This means that TPS can increase if there is a higher demand. So, if there is a demand for 100 TPS, Shardeum will complete it. In a bull market, transactions per second are always high whereas, in a bear market, the usage goes down in which case our capacity should go down as well,” said Nishal Shetty, Co-founder, Shardeum
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