Blockchain startup, Shardeum raised $18.2 million in seed from Strategic investors like CoinGecko Ventures where Wemade, and ZebPay also participated.
Shardeum addresses scalability and high transaction costs while maintaining a high level of decentralisation, which Shetty stated in an earlier interview was lacking in most blockchains today. The funds raised, according to the company, will be used to expand the company's research and marketing efforts, as well as its product and design development team. Sharding is the process of dividing a network into multiple pieces (shards) so that each shard can execute transactions. As new computers join the network to form more shards, the network becomes faster.