Shiba Inu (SHIB) team has reportedly raised $12 million to develop a new layer-3 blockchain. The team secured this fund through the sale of its upcoming token, TREAT, to non-US venture capital firms.

Notably, investors included Polygon Ventures, Mechanism Capital, and Animoca Brands, among others.

Shiba Inu Plans to Build a Layer-3 Blockchain on Top of Shibarium

Initiated a few months back, the fundraising concluded earlier this month. According to reports, the team executed fundraising in tranches, reaching valuations of $75 million, $100 million, and $200 million.

The TREAT token will serve as both the utility and governance token of Shiba Inu’s forthcoming layer-3 blockchain. This new platform is being constructed on top of Shibarium, the project’s Ethereum layer-2 blockchain