Blockchain Fundraiser: Shiba Inu Secures $12M for Treat Token Offering

13 views 3:12 pm 0 Comments May 15, 2024

The fundraising effort for the upcoming token TREAT by the Shiba Inu team has been a success, securing a total of $12 million. This funding round, which was finalized earlier in the current month, saw the participation of well-known entities like Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures.

Shytoshi Kusama, the primary developer associated with Shiba Inu, has emphasized that all the investors, including Mechanism Capital and Shima Capital, have no presence in the United States, although their complete identities have not been disclosed.

As per a reliable source familiar with the situation, the token sale, encompassing both pre-seed and seed rounds, was structured into tranches spread out over several months. Each tranche was executed at valuations of \(75 million, \)100 million, and $200 million, respectively.

TREAT Token: Serving as the Utility and Governance Mechanism for Shiba Inu’s Innovative Layer 3 Blockchain

The forthcoming privacy-centric Layer 3 blockchain by Shiba Inu will leverage the TREAT token as its primary “utility and governance token.” Kusama has outlined that TREAT will be the ultimate non-stable token within the Shiba Inu ecosystem, with intentions to introduce a new token named Shi later this year.

Despite the non-release of the TREAT token, certain platforms like CoinGecko and CoinMarketCap have indicated trading activity for specific TREAT tokens. Kusama has denounced these occurrences as “scams,” underscoring that The Shiba Inu Mint S.A., a corporation based in Panama, will be responsible for minting the authentic TREAT token.

Also read: Shiba Inu April End Price Prediction: Can SHIB Delete A Zero?

The SHIB team is actively developing its new Layer 3 blockchain by incorporating fully homomorphic encryption (FHE) technology provided by the cryptography firm Zama. The primary objective of this new blockchain is to tackle various challenges within the crypto space, particularly focusing on privacy and fostering trust within Shiba Inu’s expansive community.

In a bid to thwart fraudulent activities, such as the creation of counterfeit TREAT tokens, Kusama has opted not to disclose the specific name of the Layer 3 blockchain.