Shiba Inu team raised $12 million through the yet-to-be-launched TREAT token to support its upcoming Layer-3 (L3) privacy blockchain.
Lucie, the ecosystem’s content marketer, noted the development in a recent post on X, stating that the funds came from an investment round.
Latest Fundraising Activity
According to the report, the Shiba Inu development team TREATHe obtained $12 million by selling to venture capital investors outside the USA. These investors include big names such as Mechanism Capital, Polygon Ventures, Shima Capital, Big Brain Holdings, Morningstar Ventures, Animoca Brands, DWF Ventures, Woodstock Fund, Comma 3 Ventures and Stake Capital.
Ecosystem leader Shytoshi Kusama confirmed the development and stated that fundraising covers pre-seed and seed rounds. Kusama also revealed that the network started the fundraising process several months ago and completed it in early April. He declined to disclose specific figures regarding the valuation, but reported that the fundraising was structured in three tranches, with valuations for each tranche of $75 million, $100 million and $200 million, respectively.
Shiba Inu Upcoming Layer-3 Privacy Blockchain
The goal of the fundraiser is to accelerate Shiba Inu’s efforts to launch the privacy-based layer-3 blockchain it is building on Shibarium.
Kusama chose not to reveal the name of the upcoming blockchain. This move aims to prevent fraud attempts by creating fake TREAT tokens.
The Shiba Inu team is developing the new blockchain by leveraging cryptography firm Zama’s fully homomorphic encryption technology. According to Kusama, the new blockchain will go live on a testnet in the third quarter of 2024, after which it will be moved to the mainnet.
TREAT token will be the utility and governance asset for the upcoming privacy-focused blockchain. SHIB leader announced that TREAT will be the last risk asset introduced by the Shiba Inu ecosystem.
He also noted that efforts are ongoing to launch a stablecoin called “SHI” before the end of this year. Current Shiba Inu ecosystem tokens include SHIB, BONE, and Doge Killer (LEASH).
Source : The Crypto Basic