According to The Block, citing sources, Nischal Shetty, CEO of Indian encryption trading platform WazirX, co-founded blockchain scaling project Shardeum, which is raising funds through a private token sale at a valuation of $200 million. The project is raising $18 million, one of the sources said. Shardeum is currently in the form of a test network, which aims to provide low transaction fees. Foresight News previously reported that the Indian Law Enforcement Agency searched the director of the Wazirx cryptocurrency exchange and froze its bank assets worth 646.7 million rupees (approximately 8.156 million U.S. dollars) because it was suspected of exchanging criminal proceeds for assisting instant loan applications.