Shiba Inu Secures $12M Investment for Developing Privacy-Centric Blockchain

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

  • A total of $12 million was invested by participants in the funding round for the new blockchain’s upcoming utility and governance token TREAT.

  • The investors involved in this round include Animoca Brands, DWF Ventures, Polygon Ventures, among others.

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Shiba Inu, the Ethereum-based ecosystem represented by the second-largest canine-themed token SHIB, successfully raised $12 million in a token sale round to support the development of its privacy-centric blockchain, as announced in a press release on Monday.

The roster of investors who participated in this funding round includes 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. These investors acquired the new network’s forthcoming utility and governance token TREAT.

The transaction was facilitated by Shiba Inu Mint S.A., an ecosystem development entity registered in Panama, as highlighted in the press release.

This fundraising initiative follows a previous report by CoinDesk in February, revealing that Shiba Inu’s developers are collaborating with cryptography firm Zama to establish a privacy-oriented new network on top of Shibarium, the ecosystem’s Ethereum-based layer-2 blockchain. The network will leverage Fully Homomorphic Encryption (FHE), a privacy technology enabling developers to utilize data on untrusted domains without decryption requirements.

Read more: Shiba Inu Adopts Tech to Enhance Privacy for SHIB Token Holders

SHIB demonstrated a 2.2% increase in the last 24 hours, aligning with the overall uptrend of the CoinDesk 20 Index. With a market capitalization of nearly $16 billion, it ranks as the 12th largest cryptocurrency.

Edited by Nick Baker.