Shiba Inu, the entity behind the well-known $SHIB memecoin, has successfully raised $12 million for the development of a new Layer 3 blockchain project. This funding round has attracted significant interest from global venture capital firms, including Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Labs, Stake Capital, and Comma 3 Ventures.
The ambitious new blockchain is being built on Shibarium, Shiba Inu’s own Ethereum Layer 2 solution. It will incorporate Fully Homomorphic Encryption (FHE) technology, which is considered a significant advancement in cryptography. FHE allows data to be encrypted and processed simultaneously, ensuring privacy without compromising functionality. Shytoshi Kusama, Shiba Inu’s lead developer, highlighted the importance of this technology in meeting regulatory requirements while protecting user privacy and data security.
“Shiba Inu started with the vision of our founder, Ryoshi, and we’ve been so grateful to the community. Together, we have changed the face of crypto as we’ve worked towards that vision. We’ve crushed expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption.”
The TREAT Token: A New Addition to the Shiba Ecosystem
Central to this fundraising effort is the sale of the $TREAT token, which is billed as the utility and governance token of the upcoming blockchain. Despite its unreleased status, misleading trading activity for $TREAT tokens has already been reported on platforms like CoinGecko and CoinMarketCap, which Kusama firmly labels as fraudulent. The authentic $TREAT tokens are slated for minting by The Shiba Inu Mint S.A., a Panama-based corporation, to ensure legitimacy and avoid potential scams.
Kusama shared insights into the broad vision for Shiba Inu’s ecosystem, which includes not just cryptocurrency but also ventures into gaming, AI, the metaverse, DeFi, self-sovereign identity, and encryption technologies. With an extensive community that runs into tens of millions, the Shiba Inu team is focused on leveraging this new Layer 3 blockchain to enhance security, privacy, and compliance, thereby fulfilling the original vision of its founder, Ryoshi.
The Layer 3 network, which is yet to be named publicly to prevent any fraudulent schemes, is expected to launch its testnet in the third quarter of 2024. The mainnet launch will follow extensive testing to ensure stability and functionality. This strategic development not only aims to broaden the capabilities of the Shiba Inu ecosystem but also reinforces its commitment to innovation and community trust.
In summary, Shiba Inu’s recent successful funding round marks a pivotal step in its ongoing evolution from a memecoin to a comprehensive blockchain ecosystem focused on privacy, security, and regulatory compliance.
