The team behind Shiba Inu (SHIB) has made a significant breakthrough, securing $12 million in funding by selling its unreleased token, TREAT.
According to sources familiar with the matter, the round, which concluded earlier this month, saw participation from prominent non-US firms such as Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures.
Introduced in July 2022 by Shytoshi Kusama, the mysterious lead developer of Shiba Inu, TREAT will serve as the gateway to the brand’s groundbreaking blockchain, powered by cutting-edge Fully Homomorphic Encryption (FHE) technology developed in collaboration with Zama.ai.
Notably, this innovative encryption chain will address critical issues within the crypto sphere, such as privacy and trust, catering not only to Shiba Inu’s vast community of tens of millions but also to the burgeoning population of crypto enthusiasts worldwide, eager to explore the next frontier of digital finance.
“This new encryption chain aims to address multiple issues in crypto, including privacy and trust for Shiba Inu’s extensive community of tens of millions and the next billion crypto-curious individuals,” a spokesperson for Shiba Inu stated.
Meanwhile, reflecting on Shiba Inu’s journey, Kusama expressed gratitude to the community, highlighting the transformative impact achieved together. According to him, the brand has evolved beyond expectations, crafting a comprehensive ecosystem with unparalleled technology stacks encompassing community, gaming, AI, metaverse, DeFi, self-sovereign identity, and encryption.
The pundit also expressed gratitude for the support from influential VCs, angel investors, and brands, emphasizing his teams’ commitment to advancing the grand decentralized experiment.
“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, The ShibArmy.” Stated Kusama
The Shiba Inu team, however, declined to disclose the name of the Layer 3 blockchain to prevent scammers from creating fake TREAT tokens. That said, the new blockchain is expected to release a testnet in the third quarter of this year, followed by the mainnet after thorough testing.
