Shiba Inu Team Raises $12 Million Via TREAT To Bolster The Ecosystem

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The Shiba Inu team made an important financial announcement: they raised $12 million by selling their new utility token, TREAT, in a funding round. This round was spearheaded by Animoca Brands, a Web3 investment firm, and attracted numerous investors specializing in blockchain technology. With this strong backing, the Shiba Inu team is now prepared to build an advanced Layer 3 blockchain.

Shiba Inu Dev Team Attracts Enormous Interest

A variety of international investors took part in the funding round for Shiba Inu, with Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, and Polygon Ventures being some of the notable names among them. Additionally, investments came from entities such as Morningstar Ventures, Woodstock Fund, and Comma 3 Ventures, demonstrating the broad appeal of Shiba Inu’s technological goals.

Shytoshi Kusama, the anonymous head developer of Shiba Inu, shared insights on how the funds would be utilized during an exclusive chat with The Street at the Token2049 conference in Dubai. He disclosed that the main purpose of these funds was to drive the advancement of Shiba Inu’s upcoming blockchain technology and improve the capabilities of its existing Layer 2 solution, Shibarium.

Kusama expressed his goal as follows: “We want to make Shibarium a global hub for memes, all while beefing up security and adhering to regulations.”

Shiba Inu’s most significant plan includes building a Layer 3 blockchain on the Shibarium Layer 2 network. This upcoming layer brings advanced encryption technology called fully homomorphic encryption (FHE) into play, which is groundbreaking because it keeps data encrypted throughout processing, ensuring exceptional privacy and security advantages.

Kusama shared that the newly developed encryption chain is designed to tackle several challenges in the cryptocurrency realm. It focuses on enhancing privacy and building trust, which are crucial for our large user base and could benefit billions more as we grow. Furthermore, this blockchain will adhere to international laws, ensuring a harmonious blend of user privacy with the necessary legal frameworks.

The Shiba Inu team aims to broaden their presence and impact beyond just technological advancements. According to Kusama, their current user base, primarily made up of crypto experts, represents only a small portion of the total potential market. He expressed that while he cannot capture much more of the crypto market, there is a vast, largely unaware population – around 95% of the world – that has yet to discover crypto. By the end of this year, Kusama believes they will become known to this larger audience.

The financing will additionally foster fresh alliances and local projects, such as obtaining a .shib domain for a top-level website and joining forces to apply blockchain technology to verify and disseminate videos. These actions align with Shiba Inu’s overarching plan to transform into a “community-driven state on the blockchain,” where governance and engagement are deeply rooted in the underlying blockchain infrastructure.

Roadmap And Tokenomics For TREAT

The TREAT token, essential for this funding event, will become part of Shiba Inu’s varied collection of tokens which include SHIB, LEASH, and BONE. Functioning as both a utility and governance token, TREAT is intended to significantly influence the upcoming Layer 3 blockchain. Although not yet launched, Kusama issued a caution about counterfeit tokens existing in the market, stressing the significance of keeping the community informed.

Moving forward, the Shiba Inu project intends to unveil a test network for their Layer 3 blockchain during the third quarter of this year. Following thorough testing and evaluation, they anticipate launching the mainnet.

At press time, SHIB traded at $0.00002688.

Shiba Inu Team Raises $12 Million Via TREAT To Bolster The Ecosystem

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2024-04-22 18:11