- Shiba Inu has concluded a multimillion-dollar funding round.
- The funding round attracted participation from non-U.S. VCs.
- Shiba Inu will use the funding to build its new blockchain.
The Shiba Inu team announced Monday the conclusion of a strategic multimillion-dollar VC round for its new Layer 3 blockchain network with Fully Homomorphic Encryption (FHE), a technology that promises to revolutionize the industry.
Initiated a few months ago, the token funding round attracted several non-U.S. venture capital firms, including Polygon Ventures, Animoca Brands, Shima Capital, Morningstar Ventures, Stake Capital, Comma 3 Ventures, and Woodstock Fund.
Shiba Inu Secures $12M Funding
In a press release dated April 22, Shiba Inu said it was keen on accelerating its disruptive Layer 3 blockchain network after raising $12 million by selling its unreleased TREAT utility and governance token.
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“The funding, through The Shiba Inu Mint S.A. (a Panama corporation), will be used by Shiba Inu to build its new blockchain with FHE, ensure Shibarium becomes the meme center of the world, and expand security and regulatory compliance.’ The statement read.
The new chain will leverage Zama.ai’s FHE technology to solve several problems plaguing the crypto industry, including privacy and trust “for Shiba Inu’s large community of tens of millions, and the next billion, crypto-curious individuals.”
Per the statement, TREAT will be the final non-stable token from the Shiba Inu team. It will be used to unlock the new privacy-focused blockchain, which is being built on Shibarium, Shiba Inu’s Ethereum Layer 2 blockchain.
Shiba Inu’s lead developer, Shytoshi Kusama, lauded the development, noting that winning the support of powerful VCs, brands, and angel investors was exciting as Shiba Inu plowed “towards the completion of this grand decentralized experiment.”
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Stay updated on how Shiba Inu has regained momentum:
Shiba Inu Regains Momentum With 1.4M Holders Forming Support
Read about Mida’s recently concluded $45M funding round:
Midas Eyes Crypto Trading Product After Raising $45 Million
