Shiba Inu Rockets to $12 Million Funding, Plans Blockchain Expansion and Broader Adoption

The Shiba Inu team, creators of the highly traded memecoin, has raised $12 million through the sale of their new token, TREAT, to non-US venture capital investors. Led by Animoca Brands and Polygon Ventures, the funding will support the development of Shiba Inu's blockchain technology and its Layer 2 scaling solution, Shibarium. The proceeds will be used to enhance security and compliance, while the team aims to expand Shibarium and ultimately reach a wider audience beyond current crypto adopters.

Shiba Inu Raises $12 Million in Funding, Unveils Plans for Blockchain Expansion and Wider Adoption

The development team behind Shiba Inu, a wildly popular memecoin, has successfully concluded a significant funding round, garnering $12 million from prominent venture capital investors outside the United States.

Announcing the development at the Token2049 event in Dubai, Shiba Inu's enigmatic lead developer, Shytoshi Kusama, disclosed that the token round encompassed both pre-seed and seed funding stages.

A consortium of influential crypto investors, including Animoca Brands, Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures, contributed to the fresh capital injection.

Kusama, maintaining anonymity for security reasons, emphasized that the investment would primarily fuel the development of Shiba Inu's proprietary blockchain technology and the implementation of its Layer 2 scaling solution dubbed Shibarium. "This funding is not about personal indulgences; it's about achieving our objectives for the community," Kusama asserted.

The funds were secured through Shiba Inu Mint S.A., a Panama-based entity, via the issuance and sale of $TREAT, a utility and governance token. Kusama intimated that $TREAT will be the final non-stable token issued by the Shiba Inu team and hinted at the potential launch of a new token called "Shi" later this year.

Proceeds from the funding round will primarily support the expansion of Shibarium, envisioned as "the meme center of the world." The funding will also bolster security enhancements and compliance initiatives. The team anticipates launching $TREAT on public markets within the year.

Emphasizing the project's grand aspirations, Kusama outlined a roadmap to extend Shiba Inu's reach beyond current crypto enthusiasts. "The vast majority of the world remains unfamiliar with crypto. We intend to change that significantly by year's end," he stated.

Since its inception last year as an Ethereum-based scaling solution, Shibarium has witnessed a notable surge in $SHIB token prices, particularly following the enthusiasm surrounding Bitcoin ETFs earlier this year.

Kusama further unveiled plans to transform Shiba Inu into a "social network state," entailing increased community grants and enhanced technological versatility through strategic partnerships and initiatives such as securing a .shib top-level domain.

"We're ensuring that influential figures in the sector are invested in our project, both literally and figuratively," Kusama said in closing.