Shiba Inu received significant support from strategic investors in a $12 million raise. The Shiba Inu ecosystem team made this known to the public by highlighting that the funds raised will be used to build a new encrypted blockchain and expand existing offerings.
The fund was raised by selling Shiba Inu's yet-to-be-released $TREAT utility token to a group of venture capital and investment groups. These groups include Mechanism Capital, Animoca Brands, Polygon Ventures and Shima Capital, among many other fund investors.
This fund will primarily be used to enable the development of a new blockchain based on FHE technology, according to Shiba Inu lead developer Shytoshi Kusama. This is advanced encryption aimed at solving privacy and trust issues associated with many existing blockchains.
“Shiba Inu was born from the vision of our founder Ryoshi and we are very grateful to the community. Together, we have changed the face of crypto while working towards this vision. We exceeded expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside Community, Gaming, AI, Metaverse, DeFi, self-sovereign identity and encryption. He added “We are thrilled to gain support from such powerful venture capitalists, angel investors and brands as we strive to bring this great decentralized experiment to fruition. Through the involvement of these venture capital firms and their strategic partners, we are not only expanding our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy .
—Shytoshi Kusama, lead developer of Shiba Inu
What to expect
The new blockchain uses $TREAT as its governance and utility token. To achieve this, Shiba Inu teamed up with Zama.ai, an open source crypto company that creates cutting-edge fully homomorphic encryption (FHE) solutions for blockchain and AI, to use its FHE protocols to deliver blockchain solutions. This will likely improve privacy compared to traditional methods.
In addition to blockchain development, the funds raised will be used to make Shib's vision a reality: creating a full-fledged ecosystem with a core technology stack that no one else has, alongside the community, games , AI, metaverse, DeFi, self-sovereign identity, and encryption. This will also ensure that Shibarium becomes the very center of the world and develops security and regulatory compliance.
Wrap
This capital injection will primarily be used to develop a new blockchain based on fully homomorphic encryption (FHE) technology. It promises to improve privacy and trust in blockchain interactions. At the heart of this new development is the $TREAT token, which will serve as both a governance and utility token within this innovative framework. This initiative aligns perfectly with Siba Inu’s overall vision. Shiba Inu is not only expanding its technology footprint but also strengthening its commitment to redefining the crypto space to make Shibarium a global hub for meme coins.