Shiba Inu Secures $12M Funding for Revolutionary Layer-3 Blockchain Boosting Privacy

Shiba Inu has raised $12 million in a funding round to develop a Layer 3 blockchain focusing on privacy. The TREAT token, sold in the round, serves as both a utility and governance token within the Shiba Inu ecosystem. The new blockchain will be built on Shibarium, Shiba Inu's Layer 2 solution, and utilize fully homomorphic encryption to enhance user privacy and security.

Shiba Inu Secures $12 Million Funding Boost for Revolutionary Layer 3 Blockchain with Enhanced Privacy

In a significant development, Shiba Inu has announced a remarkable $12 million funding round to drive the creation of a groundbreaking Layer 3 blockchain that prioritizes privacy and security. This announcement emerged in an April 22 report by The Block, showcasing the project's unwavering commitment to innovation and technological advancement.

The substantial capital injection was facilitated through the sale of TREAT tokens, attracting prominent venture capital firms like Polygon Ventures, Mechanism Capital, and Big Brain Holdings. The infusion of funds will serve as a catalyst for Shiba Inu's ambitious plans to revolutionize the blockchain landscape.

Addressing concerns regarding the geographical distribution of investors, Shiba Inu's lead developer, Shytoshi Kusama, emphasized that no US-based entities were involved in the funding round, ensuring compliance with relevant regulations.

Dual Utility of TREAT Token

The TREAT token, which played a central role in the funding round, holds immense significance within the Shiba Inu ecosystem, serving both as a utility and governance token. Its versatility extends its operational capabilities, enabling holders to influence the project's trajectory and access exclusive features.

In addition to TREAT, which is a non-stable token, the project intends to introduce a second token, SHI, later in 2024, further expanding the Shiba Inu ecosystem's token repertoire. The current cryptocurrency landscape within the ecosystem includes the widely popular SHIB memecoin, BONE, Shibarium's governance token, and LEASH, Shibarium's loyalty token that rewards devoted users with BONE incentives.

Technical Advancements

The cornerstone of Shiba Inu's Layer 3 blockchain lies in Shibarium, the project's existing Layer 2 solution built on Ethereum. This novel blockchain layer aims to elevate privacy and trust by leveraging fully homomorphic encryption. This cutting-edge technology empowers computations on encrypted data without the need for decryption, bolstering data privacy.

"Maintaining a project compliant with international law while safeguarding data privacy and personal security is paramount," Kusama emphasized to The Block. "Our system empowers individuals to preserve their privacy while acquiring credentials for identity verification, thereby strengthening security and compliance simultaneously."

Positive Market Response

The announcement of the successful fundraising round triggered a surge in the market price of Shiba Inu's native token, SHIB. The token experienced a 5% increase and was trading at $0.00002719 at the time of writing. This positive market response reflects the excitement and anticipation surrounding the project's transformative vision for blockchain technology.

As Shiba Inu continues to forge ahead with its ambitious Layer 3 blockchain development, the project's commitment to innovation and privacy remains unwavering. The $12 million funding round marks a significant milestone in the project's journey, setting the stage for a future of enhanced security and data protection in the blockchain ecosystem.