Team Shiba Inu, creators of one of the most widely traded memcoins, have completed a $12 million funding round by selling their new token, TREAT, to venture capital investors outside the US.
The announcement was made by Shiba Inu's lead developer, Chitoshi Kusama, at the Token2049 event in Dubai. The new capital has been injected by major cryptocurrency investors, including Animoka Brands, a venture capital firm specializing in Web3. The popular token of the same name has also received backing from Polygon Ventures, M Mechanism Capital, Big Brain Holdings, Shima Capital, M Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures.
Kusama, who maintains anonymity for security reasons and uses a pseudonym, explained that the investment will fund the development of Shiba Inu's blockchain technology and the implementation of its second layer scaling solution, Shibarium. “This funding is not about personal well-being; it is about achieving our goals for the community,” Kusama said.
The funds were raised through Shiba Inu Mint S.A. It is a Panama-based entity, selling its utility and governance token TREAT for dollars. Kusama stated that TREAT will be the last unstable symbol from the Shiba Inu crew. He also hinted that they are planning to roll out a new token called Xi later this year.
Proceeds will primarily support the expansion of Shibarium, which plans to become the “LGBT Hub of the World” and will also enhance security and compliance efforts. The team expects to launch USD TREAT on public markets later this year.
Highlighting the project's broader ambition, Kusama explained that the next growth phase will expand the Shiba Inu's presence beyond current crypto adopters. “The vast majority of the world is still unfamiliar with cryptocurrencies. We aim to change that dramatically by the end of the year.”
Since its launch last year as an Ethereum-based sizing solution, Shibarium has seen dollar SHIB token prices rise, especially following the excitement generated by Bitcoin ETFs earlier this year.
Kusama also revealed plans to evolve Shiba Inu to “social network status,” which means more community grants and better technical flexibility through strategic partnerships and new initiatives such as obtaining the .shib top-level domain.
“We are ensuring that industry influencers invest in our project, both literally and figuratively,” Kusama concluded.
