- Shiba Inu raised $12 million from non-U.S. venture capital firms by selling its new $TREAT token
- $TREAT will unlock Shiba Inu’s new blockchain featuring Fully Homomorphic Encryption (FHE) technology
- The funding will be used to build the FHE blockchain, expand Shibarium, and enhance security and regulatory compliance
Shiba Inu, the popular meme cryptocurrency ecosystem, has raised $12 million from non-US strategic venture capital partners to fund the development of its new blockchain featuring fully homomorphic encryption (FHE) technology and the governance token $TREAT.
Details of the Funding Round
The funding round saw participation from several notable VCs and crypto investment firms including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, DWF Ventures, and Spirit Dao.
These investors purchased $12 million worth of the unreleased utility and governance token $TREAT, the final non-stablecoin token to be released by Shiba Inu.
The capital raised will be used to build Shiba Inu’s new FHE blockchain, ensure the success of its Layer 2 solution Shibarium, and expand security and regulatory compliance efforts.
The FHE Blockchain and $TREAT Token
The new FHE blockchain will utilize encryption technology from Shiba Inu’s partner Zama.ai to bring privacy and trust to the ecosystem’s tens of millions of users.
$TREAT will be the utility and governance token that unlocks the capabilities of this new blockchain. As the final non-stablecoin token in the Shiba Inu ecosystem, $TREAT aims to solve key issues around privacy and trust in crypto.
Quotes from Shiba Inu Leadership
“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,” said Lead Developer Shytoshi Kusama.
“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.”
Ongoing Efforts to Expand the Shiba Inu Ecosystem
In addition to the new blockchain, Shiba Inu is enhancing its technology stack across games, AI, metaverse, DeFi, identity solutions, and more.
Partnerships with organizations like D3, the Manny Pacquiao Foundation, and CDSA aim to increase adoption and real-world utility.
With the new funding and blockchain technology, Shiba Inu is positioned to significantly expand its ecosystem and use cases beyond being just a popular memecoin.
