Indian crypto exchange WazirX to raise $20 million to $30 million in a seed

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Indian crypto exchange WazirX to raise $20 million to $30 million in a seed financing round. The funding round proposes to value the startup at about $200 million.

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 network costs. It also relies on three types of nodes in its network- validator, archival, and standby. According to two sources familiar with the matter, the startup intends to begin by targeting Indian and emerging markets. It plans to launch the mainnet in the third quarter, beginning in October, and to issue over 500 million SHM tokens, according to the deck.

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Indian crypto exchange WazirX to raise $20 million to $30 million in a seed

Indian crypto exchange WazirX to raise $20 million to $30 million in a seed financing round. The funding round proposes to value the startup at about $200 million.

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 network costs. It also relies on three types of nodes in its network- validator, archival, and standby. According to two sources familiar with the matter, the startup intends to begin by targeting Indian and emerging markets. It plans to launch the mainnet in the third quarter, beginning in October, and to issue over 500 million SHM tokens, according to the deck.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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