Shiba Inu Raises $12 Million for New Blockchain Development

  • Shiba Inu’s successful $12 million fundraising round highlights its strategic approach to securing capital for its ambitious blockchain project. 
  • By engaging a diverse group of non-U.S. venture capital investors, including prominent names like Polygon Ventures and Mechanism Capital, Shiba Inu demonstrates its ability to attract support from key players in the crypto investment space. 

Shiba Inu, the team renowned for its widely-known memecoin, has successfully secured $12 million through the sale of its upcoming token, TREAT, to non-U.S. venture capital investors. Notable investors in this round include Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures, among others.

The fundraising endeavor, spearheaded by Shiba Inu’s lead developer, known as Shytoshi Kusama, commenced several months ago and concluded earlier this month. While the valuation details remain undisclosed, insider sources reveal that the fundraising was structured into tranches, with valuations pegged at $75 million, $100 million, and $200 million, respectively.

The focal point of this fundraising effort is the introduction of the TREAT token, which is slated to serve as the utility and governance token for Shiba Inu’s innovative Layer 3 blockchain. This blockchain, built on Shibarium, the Ethereum Layer 2 blockchain, aims to integrate fully homomorphic encryption (FHE) technology from Zama, a cryptography company that recently secured $73 million in funding.

FHE technology is revered as the “holy grail” of cryptography, enabling end-to-end data encryption, even during processing. With privacy and trust at the forefront, Shiba Inu’s new blockchain endeavors to address critical issues within the crypto space while catering to its extensive community and the broader population of crypto-curious individuals.

Emphasizing the importance of regulatory compliance and data privacy, Kusama underscores the need for a project that aligns with international law while safeguarding user privacy and data security. By leveraging FHE technology, the new blockchain aims to provide individuals with the dual benefits of privacy and identity verification credentials, thereby enhancing security and compliance simultaneously.

To combat potential scams and ensure authenticity, the genuine TREAT tokens will be minted by The Shiba Inu Mint S.A., a Panama corporation. Additionally, Kusama refrains from disclosing the name of the Layer 3 blockchain to mitigate the risk of fraudulent activities similar to the fake TREAT tokens already circulating in the market.

Looking ahead, Shiba Inu anticipates releasing a testnet for its new blockchain in the third quarter of this year, followed by the mainnet launch subsequent to rigorous testing. As the project progresses, it aims to provide a robust, privacy-centric blockchain solution that adheres to regulatory standards while empowering users with enhanced privacy and security features.

 Shiba Inu’s Ambitious Blockchain Venture Marks a Milestone with $12 Million Fundraise

This significant fundraising achievement underscores Shiba Inu’s commitment to innovation and privacy-centric blockchain solutions. With the introduction of the TREAT token and the development of its Layer 3 blockchain, Shiba Inu aims to address critical issues in the crypto space while adhering to regulatory standards and prioritizing user privacy and security. As the project progresses towards its testnet launch and eventual mainnet release, it heralds a new era of decentralized technologies with enhanced privacy features and broader accessibility.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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