The funding will aid in the development of blockchain technology and the expansion of Shibarium, a vital element within the Shiba Inu ecosystem.

Shiba Inu (SHIB), renowned as the second most popular meme coin in the cryptocurrency realm following Dogecoin (DOGE), has acquired $12 million in funding from international venture capital firms to propel the growth of its ecosystem.

The capital was generated through the sale of TREAT, an upcoming digital asset intended to function as the governance token for the newly introduced blockchain technology incorporating Fully Hormophorbic Encryption (FHE). This Ethereum-based platform aims to revolutionize the crypto economy by addressing prevalent industry challenges, such as ensuring privacy and trust for Shiba Inu’s extensive community, famously known as the ShibArmy.

Participation of Animoca Brands and Polygon Ventures in the Funding Cycle

As per a shared press release, the funding round was facilitated by The Shiba Mint S.A. based in Panama. Notable crypto investment entities that took part in the funding include Animoca Brands, Morningstar Ventures, DWF Ventures, Polygon Venture, and Illuminati Digital Capital.

Additionally, contributions were made by other firms like Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, and Spirit Dao, further bolstering the success of the funding initiative.

The venture capitalists acquired an undisclosed quantity of the TREAT token, identified as Shiba Inu’s ultimate non-stable token. The protocol highlighted that the involvement of these VCs and their associates will play a pivotal role in expanding the network’s utilities and diversifying its applications for the ShibArmy.

Shiba Inu expressed its enthusiasm regarding the support from prominent V.C.s, angel investors, and brands as it progresses towards the culmination of this groundbreaking decentralized experiment. By collaborating with these venture capital firms and their strategic partners, the network aims to broaden its network of trusted associates and significantly enhance the potential of Shiba Inu for its community, The ShibArmy.

The funding injection will play a crucial role in driving various strategic initiatives to elevate the Shiba Inu ecosystem and fortify its presence in the cryptocurrency domain.

The team responsible for the DeFi network’s development intends to allocate a portion of the raised capital towards constructing the FHE blockchain to ensure that Shiba Inu transcends its meme project origins.

Furthermore, the funding will support the advancement of blockchain technology and the expansion of Shibarium, a pivotal element of the Shiba Inu ecosystem. Shibarium strives to position itself as a global center for meme culture, providing a platform for creators and enthusiasts to interact with the Shiba Inu community and contribute to its dynamic ecosystem.

Enhancing security measures and ensuring regulatory compliance across diverse jurisdictions are additional focal points of the funding initiative.

Progress and Engagements

Shiba Inu emphasized its dedication to enhancing its technological infrastructure and expanding its outreach. Consequently, the protocol has partnered with D3 to secure a .shib top-level domain.

Moreover, Shiba Inu has been actively involved in philanthropic ventures, including collaborations with organizations like the Manny Pacquiao Foundation. The network has also become a member of organizations such as the Content Delivery & Security Association (CDSA) to uphold stringent security and delivery standards within the media and entertainment sector.

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