Shiba Inu Raises $12 Million for L3 Privacy Blockchain
The Shiba Inu team has successfully raised $12 million through the upcoming TREAT token to support the development of their layer-3 privacy blockchain. Lucie, the content marketer for the Shiba Inu ecosystem, highlighted this achievement in a recent post on X, noting that the funds were obtained through an investment round.
Shiba Inu’s latest fundraising effort involved selling TREAT tokens to venture capital investors from outside the United States. Some notable investors in this round include Mechanism Capital, Polygon Ventures, Shima Capital, Big Brain Holdings, Morningstar Ventures, Animoca Brands, DWF Ventures, Woodstock Fund, Comma 3 Ventures, and Stake Capital.
Shytoshi Kusama, the leader of the Shiba Inu ecosystem, confirmed the success of the fundraising campaign. He revealed that the process started several months ago and concluded in early April, encompassing both pre-seed and seed rounds. However, Kusama did not disclose the specific valuation figures.
According to an anonymous source, the fundraising was structured into three tranches, with valuations of $75 million, $100 million, and $200 million respectively.
The primary purpose of this fundraising campaign is to expedite the launch of Shiba Inu’s layer-3 privacy blockchain, which is currently being developed on Shibarium. Kusama chose not to reveal the name of the upcoming blockchain to prevent potential scams that might arise prior to its official release.
To develop the new blockchain, the Shiba Inu team is leveraging fully homomorphic encryption technology from cryptography firm Zama. In February, Shiba Inu and Zama formed a partnership to enhance privacy services for user data management.
Kusama stated that the new blockchain will undergo testing on a testnet in the third quarter of 2024 before being launched on the mainnet. The TREAT token will serve as the utility and governance asset for the privacy-focused blockchain. Kusama also mentioned that TREAT will be the final risk asset introduced by the Shiba Inu ecosystem.
In addition to TREAT, the Shiba Inu ecosystem already includes tokens such as SHIB, BONE, and Doge Killer (LEASH). Kusama revealed that they are also working on unveiling a stablecoin called “SHI” by the end of this year.
Please note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
