According to TechCrunch, citing people familiar with the matter, Nischal Shetty, the co-founder of the Indian encryption trading platform WazirX, is seeking seed financing of $20 million to $30 million for its blockchain project Shardeum at a valuation of $200 million, and is in the late stages of negotiations . Spartan Group, Struck Crypto, Big Brain Holdings and Cogitent Ventures will participate in the financing, the sources said. Shetty confirmed that the company is in talks to raise capital, but the round has not yet closed. Shardeum employs a sharding technique that divides the network into shards, resulting in more transactions being processed and verified in parallel. Currently, Shardeum is still in the testnet stage. People familiar with the matter said that the project is expected to launch the mainnet in the fourth quarter and issue SHM tokens.