The team behind the Shiba Inu project secured a $12 million investment to advance the development of a Layer-3 blockchain network on the Shibarium blockchain.
Shiba Inu (Shib) has gained popularity as a meme cryptocurrency following in the footsteps of Dogecoin (Doge). In 2021, it emerged as a meme token alternative to Dogecoin, experiencing significant rallies in the crypto market. Subsequently, the anonymous project team introduced the Shibarium blockchain network to facilitate Shib token transactions across the crypto industry at minimal transaction costs.
On April 22, 2024, The Block announced that the Shiba Inu project team successfully raised $12 million in funding for their new crypto venture.
The allocated funds will be utilized to create a Layer-3 blockchain network on the Shibarium blockchain, aiming to enhance crypto transactions with a heightened level of privacy.
Notably, the team leveraged the $TREAT token to generate this substantial funding, designating it as the native token of the Shibarium Layer-3 network to enable governance functionalities.
Key venture capital firms that participated in this funding round include Polygon Ventures, Mechanism Capital, and Big Brain Holdings.
#Shiba Inu ( \(SHIB) secures \)12 million in funding to propel the development of an innovative Layer 3 #blockchain emphasizing privacy. pic.twitter.com/m8SOYryaW5
— Bitcoinik (@Bitcoinikdotcom) April 22, 2024
During an interview with The Block, the anonymous leader of the Shiba Inu project, Satoshi Kusama, emphasized the importance of adhering to global regulations and safeguarding individuals’ data privacy within the project. The focus is on enabling users to remain anonymous while verifying their identities, ensuring a secure system that complies with regulatory standards.
It is essential to recognize that the existing ecosystem of the Shiba Inu project already encompasses multiple crypto tokens, and the introduction of a new token may not directly benefit the Shiba Inu coin.
Among the tokens currently active within the Shiba Inu project are the Shibarium native token BONE and Shibarium’s loyalty token LEASH. As part of their roadmap, a new token named “Shi” is set to be launched on the Shibarium blockchain later this year.
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