Shiba Inu Team Raises $12 Million for Upcoming Layer-3 Privacy Blockchain

In a recent update shared by Lucie, the content marketer within the Shiba Inu ecosystem, it was revealed that the Shiba Inu team successfully secured $12 million through the forthcoming TREAT token sale to support the development of a layer-3 (L3) privacy blockchain.

The funds were obtained through an investment round involving prominent venture capital investors outside the United States. Notable participants in this funding 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.

Shiba Inu’s ecosystem leader, Shytoshi Kusama, confirmed the fundraising initiative, highlighting that it encompassed both pre-seed and seed rounds. Kusama mentioned that the fundraising process commenced several months ago and concluded in early April.

While specific valuation figures were not disclosed by Kusama, insider information suggested that the fundraising was structured into three tranches, valued at \(75 million, \)100 million, and $200 million respectively.

Development of Shiba Inu’s L3 Privacy Blockchain

The raised capital is intended to accelerate the launch of Shiba Inu’s privacy-centric layer-3 blockchain, currently in progress on Shibarium. To prevent fraudulent activities, Kusama chose not to disclose the name of the upcoming blockchain, considering the proliferation of fake TREAT tokens prior to the official release.

The Shiba Inu team is collaborating with Zama, a cryptography firm, to incorporate fully homomorphic encryption technology into the development of the new blockchain. This partnership, established in February, aims to bolster privacy features for user data management within the ecosystem.

As per Kusama’s announcement, the new blockchain is scheduled to debut on a testnet in the third quarter of 2024, followed by a full mainnet launch subsequent to thorough testing procedures.

The TREAT token will serve as the utility and governance asset for the forthcoming privacy-focused blockchain. Additionally, Kusama disclosed plans to introduce a stablecoin named “SHI” by the end of the year. Existing tokens within the Shiba Inu ecosystem include SHIB, BONE, and Doge Killer (LEASH).

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