In a significant development for the Shiba Inu ecosystem, the team behind the popular memecoin has successfully raised $12 million through a private token sale of its unreleased TREAT utility and governance token. The funds were raised from a diverse group of institutional investors, including prominent venture capital firms such as Animoca Brands, Polygon Ventures, and Mechanism Capital.
TLDR
- Shiba Inu (SHIB) has raised $12 million from a private token sale of its upcoming TREAT utility and governance token.
- TREAT will be used to build a new privacy-focused Layer 3 blockchain using Fully Homomorphic Encryption (FHE) technology from Zama.
- The Layer 3 blockchain will be built on top of Shiba Inu’s Layer 2 platform, Shibarium.
- Investors in the TREAT token sale include prominent venture capital firms like Animoca Brands, Polygon Ventures, and Mechanism Capital.
- The funds raised will be used by Shiba Inu Mint S.A., a Panama-based entity, to develop the TREAT platform and the Layer 3 blockchain.
The TREAT token sale is a crucial step in Shiba Inu’s ambitious plan to build a new privacy-focused Layer 3 blockchain. This blockchain will be built on top of Shibarium, the ecosystem’s existing Layer 2 scaling solution on the Ethereum network. The Layer 3 blockchain will leverage Fully Homomorphic Encryption (FHE) technology, a cutting-edge cryptographic technique that allows data to be processed and analyzed without ever being decrypted.
FHE is widely regarded as the pinnacle of data encryption, offering end-to-end protection that remains intact even during processing. By incorporating this technology, Shiba Inu aims to address privacy and trust concerns within the cryptocurrency space, benefiting its vast community of holders and attracting new users who prioritize data security and privacy.
The decision to raise funds through a private token sale was a strategic move by the Shiba Inu team. By involving reputable venture capital firms and their partners, the project aims to expand its network and leverage the expertise and resources of these investors to enhance the capabilities of the Shiba Inu ecosystem.
According to Shytoshi Kusama, the anonymous core developer of Shiba Inu, the participation of these investors will “increase what Shiba Inu can truly be capable of for our community.” Kusama has been a driving force behind the project’s development, maintaining a low profile but resurfacing occasionally to provide updates and address community concerns.
So now you know why I kept changing my location while pitching to the smartest minds in our industry.
This is a big day for SHIB as we push forward for encryption and elevate our entire brand.
There's so much in store for the army. I have never been more excited for #SHIB https://t.co/qt1dx6K7ea
— Shytoshi Kusama™ (@ShytoshiKusama) April 23, 2024
The funds raised through the TREAT token sale will be used by Shiba Inu Mint S.A., a Panama-based entity established by the project, to build the TREAT platform and the Layer 3 blockchain. Potential applications of this technology include encrypted lending platforms, tokenized asset exchanges, and encrypted machine learning models.
Shiba Inu’s move towards enhanced privacy and security aligns with growing regulatory concerns in the cryptocurrency industry. Kusama emphasized the importance of maintaining a project that conforms to international laws while protecting user privacy and data security. By allowing users to verify their identities while maintaining privacy, the Shiba Inu ecosystem aims to strike a balance between compliance and individual privacy.
The Layer 3 blockchain represents a significant milestone for the Shiba Inu ecosystem, which has already established itself as a top-performing memecoin. With a gain of 164% over the past year and the successful launch of features like .shib domains and the Shibarium Layer 2 solution, the project has demonstrated its resilience and commitment to innovation.
