Quick take:
The company will use the funds to develop its privacy-focused layer-3 blockchain on Shibarium.
The new blockchain will use TREAT as its utility and governance token, according to Shiba Inu.
The announcement comes less than two months after Shiba Inu announced the integration of FHE technology into the SHIB ecosystem.
Shiba Inu has completed a $12 million pre-seed and seed round raised via a token sale. The fundraising attracted participation from leading Web3 companies and investors outside of the US.
Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, DWF Ventures and Comma 3 Ventures were among those who participated in the TREAT token sale.
Shiba Inu plans to use the funds to accelerate the development of its privacy-focused layer-3 blockchain on Shibarium. The new chain will use TREAT as the utility and governance token, becoming the fourth and final token in the Shib ecosystem after SHIB, Leash and Bone.
The TREAT token is yet to be released and will be minted on the Shiba Inu Mint S.A, a corporation registered in Panama, the company said in a statement on Monday.
This announcement comes less than two months after Shiba Inu announced a partnership with ZAMA to integrate a fully homomorphic encryption (FHE) technology into the SHIB ecosystem.
“This advancement offers unparalleled privacy for $SHIB holders, positioning the SHIB community among the first in the Web3 space to enjoy complete on-chain data protection,” the company wrote in a statement,” Shiba Inu wrote in a statement in February.
Commenting on the company’s plans for the new chain, Kusama said: “This new encryption chain aims to address multiple issues in crypto, including privacy and trust for Shiba Inu’s extensive community of tens of millions and the next billion crypto-curious individuals,” adding that the blockchain will be fully compliant with international regulatory requirements.
“By allowing people to both be private yet still gain credentials to verify their identity, our entire system extends security and compliance at the same time.”
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The post Shiba Inu Secures $12M Pre-Seed and Seed Rounds in TREAT Token Sale appeared first on NFTgators .
