Shib Army News: Shiba Inu Secures $12 Million for New Blockchain via TREAT Token Round

The recent funding announcement from Shiba Inu, which has successfully raised $12 million, is stirring significant interest within the cryptocurrency sector. This investment is aimed at the development of a novel, privacy-focused Layer 3 blockchain. The details, as outlined by the block and shared by Lucie and Davinci, underscore the project’s importance to the Shiba Inu community.

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Yogita Khatri‘s report for The Block provides insights into the financial backing, revealing that the $12 million was secured through the sale of the TREAT token, which is pending public release. The involvement of heavyweight investors such as Polygon Ventures, Mechanism Capital, Big Brain Holdings, and Shima Capital reflects strong confidence in Shiba Inu’s forthcoming blockchain innovations.

According to The Block, Shiba Inu’s lead developer, Shytoshi Kusama, highlighted that the investments were predominantly sourced from outside the U.S., addressing both the geographical diversity and regulatory concerns surrounding the funding. Kusama also shed light on the structured nature of the funding, distributed over multiple stages with valuations escalating from $75 million to $200 million.

The TREAT token is intended to be pivotal within Shiba Inu’s emerging Layer 3 blockchain, serving both utility and governance roles. This blockchain is set to enhance Shibarium, Shiba Inu’s Layer 2 solution built on Ethereum. Additionally, the ecosystem is planning to expand its token offerings with the introduction of Shi later in the year, which will join other popular tokens like SHIB, BONE, and LEASH.

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Shiba Inu raises $12 million in token round for its new Layer-3 Blockchain https://t.co/ocuE6lSWA2 $SHIB #SHIBARIUM $TREAT $BONE

— Shib Dream * Shib Army News * Shib Army Social ???? (@theshibdream) April 22, 2024

An exciting aspect of this development is the incorporation of advanced fully homomorphic encryption technology from Zama. This innovation promises unprecedented privacy and security, maintaining data encryption even during processing—a feature Kusama describes as the “holy grail” of cryptography.

The roadmap includes launching a testnet in the third quarter, followed by a mainnet after extensive testing. This phased and careful rollout emphasizes Shiba Inu’s dedication to compliance and security, aiming to build trust and ensure stability within its community.

For anyone interested in the finer details or following Shiba Inu’s blockchain ambitions closely, the original article on The Block, shared by Lucie and Davinci, is highly recommended for its comprehensive coverage.