Shiba Inu Bags $12 Million for Unveiled Privacy-Focused Blockchain and TREAT Token

Shiba Inu, creator of the SHIB memecoin, has raised $12 million through an investment round for its TREAT token, which will serve as a utility and governance token for its new privacy-oriented Layer 3 blockchain built on Shibarium. The blockchain, being developed in collaboration with Zama, aims to address concerns around privacy and trust within the crypto community and meet regulatory requirements.

Shiba Inu Secures $12 Million Investment for Unreleased TREAT Token and Unveils Privacy-Focused Blockchain

Shiba Inu, the driving force behind the popular namesake memecoin, has successfully raised a substantial $12 million through a private sale of its yet-to-be-released TREAT token to a consortium of non-U.S.-based venture capital investors. The investment round attracted the participation of industry heavyweights 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.

While some of the investors, such as Mechanism Capital and Shima Capital, maintain offices in the United States, Shiba Inu's lead developer, known as Shytoshi Kusama, has asserted that all investors involved are not based in the U.S., despite the potential for undisclosed full entity names.

The fundraising round, initiated several months ago, culminated earlier this month, according to Kusama. Although he refrained from disclosing the valuation, a confidential source with direct knowledge of the matter informed The Block that the round was structured in tranches, with each tranche occurring at valuations of $75 million, $100 million, and $200 million, respectively.

Kusama specified that the token round encompasses both pre-seed and seed funding stages.

TREAT Token: Utility and Governance for Shiba Inu's Privacy-Focused Blockchain

The TREAT token, according to Shiba Inu, will serve as the "utility and governance token" of its upcoming privacy-focused Layer 3 blockchain, which is being developed upon its existing Shibarium Layer 2 blockchain.

Kusama emphasized that TREAT will be the final non-stable token within the Shiba Inu ecosystem, while a new token called "Shi" is anticipated to be introduced later this year. The ecosystem's current tokens include the popular SHIB memecoin, BONE, which is the governance token for the Shibarium blockchain, and LEASH, a fixed-supply token reserved for Shiba Inu's loyal users, granting them benefits such as BONE rewards.

Despite the TREAT token's unreleased status, CoinGecko and CoinMarketCap have already registered trading volume for tokens claiming to be TREAT. Kusama denounced these actions as "scams." He affirmed that the authentic TREAT token will be minted by The Shiba Inu Mint S.A., a corporation based in Panama.

Shiba Inu's Revolutionary Layer 3 Blockchain

Shiba Inu is pioneering the development of its new Layer 3 blockchain, leveraging fully homomorphic encryption technology provided by cryptography company Zama, which recently raised $73 million in funding. This advanced technology, widely recognized as the "holy grail" of cryptography, facilitates comprehensive data encryption, even during processing.

"This innovative encryption chain is designed to address critical challenges in the crypto space, including privacy and trust for Shiba Inu's expansive community of millions and the vast number of individuals seeking to join the crypto revolution," Shiba Inu stated.

Compliance with regulatory requirements is a paramount concern for the new blockchain. "It is crucial that we maintain a project compliant with international law while safeguarding the privacy of data and security of individuals," Kusama asserted. "By enabling individuals to retain their privacy while obtaining credentials to authenticate their identity, our system seamlessly enhances both security and compliance."

In an effort to prevent fraudulent activities, such as the fake TREAT tokens, Kusama declined to reveal the name of the Layer 3 blockchain.

The testnet for the new blockchain is scheduled to launch in the third quarter of this year, with the mainnet to follow "after rigorous testing," according to Kusama.

Shiba Inu's groundbreaking initiatives, including the TREAT token and privacy-focused blockchain, are a testament to their commitment to innovation and the advancement of the cryptocurrency ecosystem. These developments are expected to further strengthen Shiba Inu's position as a major player in the decentralized finance landscape.