Shiba Inu Secures $12 Million for Privacy-Focused Blockchain

Shiba Inu, an Ethereum-based ecosystem, has raised $12 million in a token sale to construct a privacy-centric blockchain. Notable investors, including Comma 3 Ventures and Animoca Brands, acquired the forthcoming utility and governance token TREAT. The fundraising follows the collaboration between Shiba Inu and Zama to develop a privacy-focused network utilizing Fully Homomorphic Encryption (FHE). Shiba Inu's associated token, SHIB, experienced a 2.2% increase mirroring the CoinDesk 20 Index uptrend.

Shiba Inu Raises $12 Million for Privacy-Centric Blockchain

Shiba Inu, the Ethereum-based ecosystem renowned for its SHIB token, has garnered a substantial $12 million investment in a recent token sale, earmarked for the construction of a privacy-centric blockchain, as announced in a Monday press release.

The investment round attracted participation from a consortium of prominent investors, including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, and Spirit Dao. These investors acquired TREAT, the forthcoming utility and governance token for the new network.

The token sale was executed by Shiba Inu Mint S.A., an ecosystem development company incorporated in Panama, according to the press release. This fundraising endeavor complements an earlier report by CoinDesk in February, which disclosed that Shiba Inu developers were collaborating with the cryptography firm Zama to create a privacy-focused network built on Shibarium, the ecosystem's Ethereum-based layer-2 blockchain. This novel network plans to leverage Fully Homomorphic Encryption (FHE), a privacy tool that empowers developers to use data on untrusted domains without the need for decryption.

SHIB, the ubiquitous token associated with the Shiba Inu ecosystem, has exhibited a 2.2% growth over the preceding 24 hours, mirroring the overall bullish trend observed in the CoinDesk 20 Index. Boasting a market capitalization of approximately $16 billion, SHIB currently holds the 12th position in the cryptocurrency market rankings.