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An Indian cryptocurrency entrepreneur’s blockchain business is seeking $200 million in seed capital

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News Tech: Nischal Shetty, co-founder of Indian crypto exchange WazirX, is in advanced discussions to secure a seed round for his new firm, according to persons familiar with the situation.

According to the reports, the Spartan Group, Struck Crypto, Big Brain Holdings, and Cogitent Ventures are among the investors in the round.

Shetty is soliciting $20 million to $30 million in a seed fundraising round for his blockchain business Shardeum, according to sources who asked to remain anonymous since the discussions are ongoing and private. According to the sources, the investment round offers to value the business at over $200 million.

Shetty acknowledged that the business is in the process of raising funds, but that the round has not yet concluded.

Shardeum uses a technology known as sharding, which divides the network into shards, allowing more transactions to be processed, confirmed, and authenticated in parallel, according to an investor presentation obtained by TechCrunch.

The startup’s eponymous blockchain, which is currently in testnet, aims to be EVM-compatible and use proof-of-stake and proof-of-quorum consensus mechanisms to reduce the cost of running the network and rely on three types of nodes — validator, archival and standby — in its network, it said in the investor deck. Shardeum expects to be able to execute more than 100,000 transactions per second with 100,000 nodes while maintaining a latency of 10 seconds, according to the deck. According to the company, the L1 blockchain would also let Ethereum developers shift to Shardeum while maintaining constant gas prices.

According to two persons familiar with the situation, the business intends to begin by targeting Indian and developing countries. It plans to deploy the mainnet in the third quarter, beginning in October, and will issue over 500 million SHM tokens, according to the deck.

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