Shiba Inu (SHIB) raised $12 million through TREAT tokens to develop a new privacy-focused Layer 3 blockchain.
According to recent news, the Shiba Inu (SHIB) team raised $12 million by selling its unreleased TREAT token to venture capital investors outside the US. These funds will be used for the development of a new privacy-focused Layer 3 blockchain. The new blockchain aims to offer benefits such as faster transactions and lower fees.
Shiba Inu announced Monday that investors include Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital and Comma 3 Ventures. However, some of these investors, such as Mechanism Capital and Shima Capital, appear to be headquartered in the US. However, Shytoshi Kusama, known as the lead developer of Shiba Inu, claimed that none of the investors were US-based. However, he refused to comment on the valuation.
Shiba Inu (SHIB) and TREAT tokens
According to Shiba Inu, the TREAT token serves as the âutility and governance tokenâ of a new privacy-focused Layer 3 blockchain built on top of the Ethereum Layer 2 blockchain Shibarium. Kusama stated that TREAT will be the latest unstable token of the Shiba Inu ecosystem. He announced that a new token called "Shi" will be offered in the ecosystem later this year. These tokens include the popular SHIB memecoin, Shibarium's governance token BONE, and Shiba Inu's stablecoin token LEASH, which offers benefits and privileges such as BONE rewards to its loyal users.
Although the TREAT token has not yet been launched, trading volume for certain TREAT tokens is observed on CoinGecko and CoinMarketCap. Kusama stated that this was a "scam". Additionally, the original TREAT token is owned by Shiba Inu Mint S.A., a Panama-based company. He stated that it would be published by. It is important for investors to take this into consideration.
Shiba's new blockchain
Shiba Inu is developing a new Layer 3 blockchain using fully homomorphic encryption technology. FHE is considered the "holy grail" of cryptography, enabling end-to-end data encryption even in-transaction. The Shiba Inu team stated that this new cryptocurrency aims to address many issues, including privacy and security, for crypto enthusiasts and the broader community of tens of millions of people.
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