According to sources, Nischal Shetty is in advanced stages of talks to raise a maiden funding round for his new venture.
Sources requesting anonymity said that Shetty is raising up to $30 million in a seed financing round for his project. According to the sources, the funding round proposes to value the startup at around $200 million.
The sources said that the investors who are engaging to participate in the round are The Spartan Group.
The round hasn't closed but the startup is in talks to raise funds.
An ongoing funding round is being worked on by us. He said in a statement that they expect to see great support for the project and their mission of making the technology easier to use for everyone.
We will be sharing more details on how we are working to speed up Web3 adoption for developers and their users.
Shardeum is trying to find a solution to the trilemma, but they can only pick two of the three attributes.
The startup explained in an investor deck that it uses a technique called sharding to partition the network into shards, which will result in more transactions being processed and verified.
The startup aims to be EVM compatible and use proof-of-stake and proof-of-quorum consensus mechanisms to reduce the cost of running the network.
According to the deck, Shardeum expects to be able to process over 100,000 transactions per second and maintain a 10 second delay. Stable gas fees will be provided by the L1Blockchain, as well as ways to help the developers transition to the new platform.
Two sources familiar with the matter say the startup will initially target Indian and emerging markets. In the deck, it was stated that it would launch over 500 million SHM token in the quarter.
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