The Shiba Inu project team has achieved a significant milestone in expanding their uses and value, raising $12 million through sales of TREAT utility tokens and governance tokens. These funds will be used to create a new privacy-centric Layer 3 blockchain and other projects. A notable announcement was made by Shytoshi Kusama during Token2049: a major business deal was reached.
Shiba Inu Team Raises $12 Million
According to a daily report in Shib Magazine, the Shiba Inu project team has successfully raised $12 million through a funding round. Notable crypto investors and venture capital firms participated in this financing event. During the round, the team sold their TREAT utility and governance tokens to non-US venture capital firms based in Panama under the name of Shiba Inu Mint SA.
Here are some ventures among them: 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, and Primal Capital. Additionally, Spirit Dao is included in the list.
Shytoshi Kusama announced that most of the funds would go towards creating Shiba’s novel privacy-focused Layer-3 blockchain in collaboration with Zama, as well as keeping the spotlight on Shibarium’s blockchain. Additional efforts will be made to enhance security and comply with regulations. Moreover, TREAT is expected to enter the cryptocurrency market this year. A new token named Shi stablecoin is also planned for release within the Shiba ecosystem by the end of the year.
Shiba Inu Shines Strong At Token2049
On Saturday, Shytoshi Kusama, the lead developer of Shiba Inu, shared news of a completed deal in the official Telegram group, igniting enthusiasm and eagerness among Shib Army members.
How about this: “I have an important visitor right now. Could we please make them feel welcome with a friendly bark and a wagging tail?”
Shiba Inu, known for being a popular meme coin, is now growing beyond just that with the development of a wider ecosystem. This includes Decentralized Finance (DeFi) apps and a specific blockchain of its own. Gradually, Shiba Inu is making strides towards becoming a significant player in the financial world at large.
The price of SHIB rose by 1% following the announcement, reaching a current value of $0.00002705. The lowest and highest prices during the past 24 hours were $0.00002551 and $0.00002761, respectively. Yet, there was a significant drop in trading volume by approximately 27% within the same timeframe, suggesting waning enthusiasm from investors.
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2024-04-22 13:34