Shiba Inu’s Shytoshi Kusama Reveals $12M TREAT Funding for Layer-3 Blockchain

16 views 2:56 pm 0 Comments May 15, 2024

Highlights of the Story

  • Shiba Inu secured a $12 million investment from venture capital firms by issuing TREAT tokens.
  • The funding will support the development of a new privacy-centric Layer 3 blockchain and Shibarium.
  • Following the announcement, the price of SHIB experienced a 1% increase.

The Shiba Inu team achieved a significant milestone by raising $12 million through the sale of TREAT utility and governance tokens. This funding will be instrumental in advancing the development of a privacy-focused Layer 3 blockchain and other strategic initiatives. A recent update on The Shib Daily highlighted a key agreement brokered by Shytoshi Kusama during the Token2049 event.

Shiba Inu Team Secures $12 Million Investment

The Shiba Inu team successfully concluded a $12 million funding round with participation from prominent crypto investors and venture capital entities, according to a report from Shib magazine daily. The fundraising effort involved the distribution of the TREAT utility and governance token to non-U.S. venture capital firms associated with Panama-based Shiba Inu Mint SA.

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Notable contributors included Animoca Brands, Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, Hercules Ventures, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, and Spirit Dao.

Shytoshi Kusama emphasized that the raised capital will be primarily allocated towards the development of Shiba’s innovative privacy-oriented Layer-3 blockchain alongside Zama, and to maintain the focus on the Shibarium blockchain while enhancing security protocols and regulatory adherence. Additionally, Kusama hinted at the imminent entry of TREAT into the cryptocurrency market this year. Furthermore, the Shib ecosystem is set to introduce a new token named Shi stablecoin later in the year.

Also Read: Pro-Crypto RFK Jr Vows To Make US Budget Publicly Accessible On Blockchain

Shiba Inu Makes Waves at Token2049

Shiba Inu’s lead developer, Shytoshi Kusama, teased an intriguing development in the official Telegram group over the weekend, sparking excitement and curiosity among the Shib Army.

“Need some assistance, everyone. I’m currently in a crucial meeting. Can we extend a warm woof? And extend a welcome? Appreciate it in advance!”

As a prominent meme-based cryptocurrency that has evolved into a multifaceted ecosystem encompassing decentralized finance (DeFi) applications and a dedicated blockchain, Shiba Inu is steadily advancing towards mainstream adoption in the financial landscape.

Following the announcement, the price of SHIB witnessed a 1% surge, with the current trading price at \(0.00002705. The 24-hour price range fluctuated between \)0.00002551 and $0.00002761. However, there was a 27% decline in trading volume over the past 24 hours, indicating a waning interest among traders.

Also Read: Lawyers Disclose Appeal, Settlement, Fine in Ripple Vs. SEC Case

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Varinder, a seasoned professional with a decade of experience in the Fintech industry, including significant expertise in blockchain, cryptocurrency, and Web3 advancements. With a keen interest in technology and a penchant for analytical thinking, Varinder has shared insights on disruptive technologies through numerous news articles, papers, and publications. At CoinGape Media, Varinder is actively tracking and reporting on the latest developments and trends within the cryptocurrency sector.

The content presented may contain the author’s personal opinions and is subject to market conditions. It is advisable to conduct thorough market research before engaging in cryptocurrency investments. The author and the publication bear no responsibility for individual financial losses.