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The team at Shiba Inu (SHIB) recently completed a successful fundraising round, raising a remarkable $12 million through the sale of their upcoming token, TREAT. TREAT serves as the utility and governance token for Shiba Inu’s innovative privacy-centric layer 3 blockchain.
Noteworthy venture capital firms such as Mechanism Capital, Big Brain Holdings, and many others participated in the funding round, indicating strong support for Shiba Inu’s vision and development efforts.
This influx of capital will fuel the advancement of Shiba Inu’s layer 3 network, integrating Fully Homomorphic Encryption (FHE) technology from Zama.ai. The ultimate goal is to establish Shibarium as a global meme hub, addressing privacy and trust concerns in the crypto industry for both the existing community and potential new users.
Lead Developer of Shiba Inu, Shytoshi Kusama, expressed gratitude for the community’s support and the backing of prominent investors and VC firms.
“We are thrilled to have the backing of influential VCs and investors as we push ahead with this ambitious decentralized project. Through these strategic partnerships, Shiba Inu is expanding its network and unlocking vast potential for our community, The ShibArmy,” Kusama stated.
This initiative is part of Shiba Inu’s broader strategy to enhance its technology stack and increase the usability and portability of its solutions.
In a significant move last year, Shiba Inu announced a partnership with D3 to secure the “.shib” internet top-level domain (TLD) as part of its decentralized identity project. Furthermore, the introduction of a privacy-focused network earlier this year aims to elevate the value proposition of SHIB tokens.
Since its launch in 2020, Shiba Inu has rapidly climbed the ranks to become the 12th largest cryptocurrency globally, boasting a market capitalization close to $16 billion according to CoinGecko.
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