Shiba Inu Raises $12M for Developing Layer 3 Blockchain Network with Fully Homomorphic Encryption

16 views 2:39 pm 0 Comments May 15, 2024

  • The Shiba Inu team announced the successful completion of a strategic multimillion-dollar venture capital round for its innovative new Layer 3 blockchain network featuring Fully Homomorphic Encryption (FHE), a groundbreaking technology poised to transform the industry.

  • Commencing several months back, the funding initiative garnered interest from various international venture capital entities, such as Polygon Ventures, Animoca Brands, Shima Capital, Morningstar Ventures, Stake Capital, Comma 3 Ventures, and Woodstock Fund.

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Shiba Inu Secures $12M Funding

In an official statement released on April 22, Shiba Inu expressed its commitment to advancing its disruptive Layer 3 blockchain network following a successful fundraising campaign that raised $12 million through the sale of its unreleased TREAT utility and governance token.

"The funding, facilitated by The Shiba Inu Mint S.A. (a Panama-based corporation), will be allocated by Shiba Inu towards the development of its new blockchain integrated with FHE, the establishment of Shibarium as the global meme hub, and the enhancement of security and regulatory adherence," the statement outlined.

The forthcoming blockchain will harness Zama.ai’s FHE technology to address prevalent challenges within the crypto sphere, particularly in the realms of privacy and trust for Shiba Inu’s extensive community of millions and the burgeoning population of crypto enthusiasts.

According to the announcement, TREAT will serve as the ultimate non-stable token from the Shiba Inu team, unlocking the new privacy-centric blockchain infrastructure constructed on Shibarium, the Ethereum Layer 2 blockchain of Shiba Inu.

Celebrating the milestone, Shiba Inu’s chief developer, Shytoshi Kusama, expressed enthusiasm over securing the backing of prominent VCs, brands, and angel investors as Shiba Inu progresses “towards the realization of this ambitious decentralized experiment.”

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