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The team behind Shiba Inu (SHIB) managed to raise $12 million through the sale of its yet-to-be-released token, TREAT, the utility and governance token of Shiba Inu's new layer 3 blockchain-centric blockchain. confidentiality.
According to the team's recent announcement, the round saw participation from numerous venture capital firms, including Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, and Polygon Ventures, among others.
Shiba Inu said the team will use the capital to support the development of Shiba Inu's Layer 3 network, which adopts Zama.ai's fully homomorphic encryption (FHE) technology. With this new blockchain, Shiba Inu aims to make Shibarium the global meme hub, addressing privacy and trust issues in the crypto space for its vast community and potential new users.
Shiba Inu lead developer Shytoshi Kusama expressed his gratitude to the community and his excitement over the support from prominent venture capitalists and investors.
“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 “Kusama said.
This initiative is part of Shiba Inu's broader strategy to improve its technology stack and increase the usability and portability of its technology.
In December last year, Shiba Inu announced its strategic collaboration with domain company D3 to secure the Internet top-level domain (TLD) “.shib” as part of the Shiba Inu decentralized identity project.
As part of its efforts to strengthen the value proposition of SHIB tokens, the team introduced a new privacy-focused network in February this year.
Launched in August 2020, Shiba Inu is now the 12th largest cryptocurrency, with a market capitalization of nearly $16 billion, according to CoinGecko. data.
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