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 fundraising, the pseudonymous Shiba Inu developer, Shytoshi Kusama said in a statement: “We are excited to gain the support of such powerful VCs, angel investors, and brands as we plow towards the completion of this grand decentralized experiment. Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community.”
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