Shiba Inu, a blockchain ecosystem built on Ethereum and home to the second-largest token SHIB, has raised $12 million in a recent token sale dedicated to establishing a privacy-focused blockchain, according to a press release issued on Monday.

During the investment round, prominent investors such as Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, and Spirit Dao actively participated. These investors acquired TREAT, the forthcoming utility and governance token of the new network.

The token sale was orchestrated by Shiba Inu Mint S.A., a Panama-registered ecosystem development firm, as outlined in the press release.

This fundraising endeavor comes on the heels of a previous CoinDesk report from February, which disclosed the collaboration between Shiba Inu developers and cryptography firm Zama to build a privacy-centric network on top of Shibarium, the ecosystem’s Ethereum-based layer-2 blockchain. The new network is poised to leverage Fully Homomorphic Encryption (FHE), a privacy technology that empowers developers to work with data in untrusted environments without the need for decryption.

Over the last 24 hours, the associated token SHIB has seen a 2.2% increase, aligning with the overall positive trend of the CoinDesk 20 Index. Currently boasting a market capitalization of nearly $16 billion, SHIB holds the 12th position among cryptocurrencies.

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