Shiba Inu Raises $12M in Funding for Privacy-Centric Blockchain

Shiba Inu has secured a $12 million pre-seed and seed funding round, which will be utilized to further develop its privacy-oriented layer-3 blockchain on Shibarium. The new blockchain will utilize TREAT as its utility and governance token, marking the fourth and final token in the Shib ecosystem alongside SHIB, Leash, and Bone.

Shiba Inu Completes $12 Million Funding Round to Advance Privacy-Focused Blockchain Development

Zurich, Switzerland - March 20, 2023 - Shiba Inu, the leading decentralized finance (DeFi) ecosystem, has successfully closed a $12 million pre-seed and seed funding round to fuel the development of its innovative privacy-focused layer-3 blockchain on Shibarium. The fundraising attracted the support of an impressive array of prominent Web3 companies and global investors.

Among the participants in the TREAT token sale were Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, DWF Ventures, and Comma 3 Ventures.

Accelerating Shibarium Development

Shiba Inu intends to leverage the funds to expedite the development of Shibarium, a privacy-centric layer-3 blockchain designed to enhance the functionality and scalability of the SHIB ecosystem. TREAT, the chain's native utility and governance token, will be the fourth and final addition to the ecosystem, following SHIB, LEASH, and BONE.

TREAT will play a crucial role in the governance and operation of Shibarium, empowering holders with voting rights and the ability to participate in decision-making processes that shape the blockchain's future.

Partnership with ZAMA: Enhancing Privacy Protection

This funding round comes shortly after Shiba Inu announced its partnership with ZAMA, a leading provider of fully homomorphic encryption (FHE) technology. This collaboration aims to integrate FHE into the SHIB ecosystem, offering unparalleled privacy protection for SHIB holders.

"This advancement unlocks unprecedented privacy for $SHIB holders, positioning the SHIB community at the forefront of Web3's privacy revolution," Shiba Inu stated in a February announcement.

Expanding the Shiba Inu Ecosystem

Commenting on the successful fundraising, Shiba Inu's pseudonymous developer, Shytoshi Kusama, expressed gratitude for the support received from esteemed venture capital firms and investors.

"We are thrilled to gain the unwavering support of such influential VCs, angel investors, and brands as we navigate this transformative decentralized experiment," Kusama said. "Through their involvement and strategic partnerships, we are not only expanding our network of trusted partners but also amplifying the potential of Shiba Inu for our vibrant community."

Continued Innovation and Growth

Shiba Inu remains committed to fostering innovation and driving the growth of its ecosystem. With a dedicated team and a strong foundation of community support, the project continues to explore new frontiers, shaping the future of decentralized finance and empowering users with greater privacy and control over their digital assets.