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The team behind Shiba Inu (SHIB) has successfully raised $12 million through the sale of its not-yet-released token, TREAT, the utility and governance token for Shiba Inu’s new privacy-centric layer 3 blockchain.
According to the team’s recent announcement, the round saw the participation of numerous venture capital (VC) firms, including Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, and Polygon Ventures, among others.
Shiba Inu said the team will use the capital to support the development of Shiba Inu’s layer 3 network, which adopts Fully Homomorphic Encryption (FHE) technology from Zama.ai. With this new blockchain, Shiba Inu aims to make Shibarium the world’s meme hub, addressing privacy and trust issues in the crypto space for its vast community and potential new users.
Shiba Inu’s Lead Developer, Shytoshi Kusama, expressed gratitude towards the community and excitement about the support from prominent VCs and investors.
“We are excited to gain the support of such powerful VCs, angel investors, and brands as we plow towards the completion of this grand decentralized experiment. Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy,” said Kusama.
The initiative is part of Shiba Inu’s broader strategy to improve its technology stack and increase its technology’s usability and portability.
In December last year, Shiba Inu announced its strategic collaboration with domain company D3 to secure the “.shib” internet top-level domain (TLD) as part of Shiba Inu’s decentralized identity project.
As part of its efforts to boost the value proposition of SHIB tokens, the team introduced a new privacy-focused network in February this year.
Launched in August 2020, Shiba Inu is now the 12th largest crypto overall, with a market capitalization of nearly $16 billion, according to CoinGecko’s data.
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This article first appeared at Crypto Briefing
