Shiba Inu Raises $12M to Launch Privacy-Focused Blockchain

Shiba Inu, the popular meme coin project, has announced the successful closure of a $12 million funding round aimed at financing the creation of a new Layer-3 (L3) blockchain that prioritizes privacy. The round was led by Mechanism Capital and included investments from notable venture firms, such as Big Brain Holdings, Cypher Capital, Animoca Brands, and Polygon Ventures.

Shiba Inu Secures $12 Million to Launch Privacy-Focused Layer-3 Blockchain

In a significant development, the popular meme coin project Shiba Inu has announced the closure of a successful $12 million funding round. This strategic investment will spearhead the creation of a new Layer-3 (L3) blockchain, prioritizing privacy and expanding the utility of the Shiba Inu ecosystem.

The funding round attracted a consortium of renowned investors, including Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, DWF Ventures, Morningstar Ventures, Hercules Ventures, Animoca Brands, Foresight Ventures, Comma3 Ventures, Woodstock Fund, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, STIX, and Spirit Dao.

"We have brought on board some of the most influential players in the industry, who have a vested interest in our success," remarked Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu.

The upcoming L3 network will leverage $TREAT as its governance and utility token, similar to $BONE's role in the Shibarium L2 chain. By incorporating privacy enhancements, Shiba Inu aims to attract a broader audience beyond its existing crypto user base, tapping into the growing demand for blockchain solutions that protect user data and transactions.

Earlier this year, Shiba Inu partnered with Zama, a Paris-based encryption firm, to integrate Fully Homomorphic Encryption (FHE) tools into its platform. This collaboration aims to enhance privacy across the chain, ensuring the confidentiality of transactions, user interactions, and data.

Furthermore, the project has partnered with D3 to introduce "shib domain names," facilitating a seamless integration between Web2 and Web3 environments.

"We are thrilled to witness the progressive developments within the Shiba Inu ecosystem," said LucieSHIB, marketing lead at Shiba Inu. "The launch of Shibarium and the introduction of the $TREAT token will have a transformative impact, not only for our community but also for the broader crypto landscape."

Although the $TREAT token is yet to be released, it will be minted by Shiba Inu Mint S.A., a Panama-based corporation. Apart from financing the development of the L3 blockchain, the raised capital will be allocated to strengthening security measures and ensuring regulatory compliance, laying the foundation for the long-term sustainability of the Shiba Inu ecosystem.

This latest move by Shiba Inu underscores the project's commitment to innovation and its aspiration to become a leading player in the blockchain industry. As the cryptocurrency market continues to evolve, Shiba Inu is poised to capitalize on its strong community support and strategic partnerships to establish itself as a formidable force in the years to come.