The Shiba Inu project team has completed an investment round of $12 million.
The Shiba Inu team is working on building a layer 3 network employing Zama’s encryption technology for homomorphic functions, which secured $73 million in funding. A trial run of this network is set to debut in Q3 2024 and will adhere to regulatory standards while maintaining the community’s security and privacy.
The TREAT token was sold to venture investors to raise funds for the project. This new blockchain prioritizes privacy and is developed on Shibarium, a secondary platform for Ethereum. Shytoshi Kusama, Shiba Inu’s lead developer, kept the identities of all investors confidential. However, he mentioned that none hail from the United States.
“From its inception, Shiba Inu was born out of our founder Ryoshi’s innovative vision. We are deeply appreciative of the support we’ve received from our community throughout this journey. Together, we have revolutionized the crypto landscape as we’ve pursued this vision. Our achievements surpassed expectations by establishing a comprehensive ecosystem built on advanced technology that sets us apart. This includes not only core technologies but also community engagement, games, AI applications, metaverses, DeFi projects, self-sovereign identity solutions, and encryption technologies.”
Shytoshi Kusama, Shiba Inu’s Lead Developer
Based on Kusama’s explanation, the fundraising process started a few months ago and was finished by early April. The team indicated that this round involved both early-stage investment (pre-round) and seed funding. Lastly, TREAT is expected to be the final token in their ecosystem.
Several investors, including Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Labs, Stake Capital, and Comma 3 Ventures, have provided financial support for Shiba Inu.
Around the August 2023 mark, the Shiba Inu group unveiled Shibarium, a scalability solution for Ethereum as a layer 2 network. Approximately a week after this reveal, the number of active blockchain users surpassed 100,000 and hit one million in September 2023.
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2024-04-22 16:43