$TREAT secures $12M for new FHE blockchain by Shiba Inu
The popular meme cryptocurrency, Shiba Inu, managed to rake in an impressive $12 million through the marketing of its upcoming functional token and governance token named TREAT. This funding marks an important milestone in Shiba Inu’s quest to create a privacy-focused Layer 3 blockchain.
On April 22nd, 2024, Shiba Inu, a network of digital assets and solutions on the Ethereum blockchain, which includes the popular global cryptocurrency $SHIB, announced that it has secured $12 million in funding through a group of non-U.S. strategic partners in venture capital.
Shiba Inu has raised $12 million via TREAT tokens to develop its new privacy-focused Layer 3 blockchain, with participation from Polygon Ventures and others. TREAT will be the final non-stable token from the Shiba Inu ecosystem. https://t.co/b2zgKCFRvg
— Wu Blockchain (@WuBlockchain) April 22, 2024
These partners include Mechanism Capital, 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, Comma 3 Ventures, DWF Ventures, and Spirit Dao.
They have invested in the Shiba Inu Ecosystem by purchasing the not-yet-released $TREAT utility and governance token, which will be the final non-stable token for Shiba Inu.
What is $TREAT?
Furthermore, the well-known meme brand’s last unreleased token, $TREAT, is set to unlock Shiba Inu’s recently announced blockchain, which will incorporate the revolutionary Fully Homomorphic Encryption (FHE) technology.
This cutting-edge chain will utilize the expertise of their partner, Zama.ai, in the field of FHE. The primary goal of this new encryption chain is to address various challenges in the crypto world, such as privacy and trust, for Shiba Inu’s extensive community of millions of users and the growing number of individuals interested in cryptocurrency.
Additionally, the concept behind Shiba Inu was conceived by its founder, Ryoshi, who acknowledges the invaluable support from the community. Together, they have reshaped the crypto landscape, driven by a shared vision. The team has surpassed expectations, creating a robust ecosystem with cutting-edge core technology, spanning community, gaming, AI, metaverse, DeFi, self-sovereign identity, and encryption.
Lead Developer of Shiba Inu, Shytoshi Kusama, expresses excitement at the endorsement received from prominent VCs, angel investors, and brands, as they strive to realize their decentralized experiment.
We are excited to gain the support of such powerful VCs, angel investors, and brands as we plow towards the completion of this grand decentralized experiment.
Shytoshi Kusama
Collaborating with these venture capital firms and their strategic partners not only expands the network of trusted allies but also augments the potential of Shiba Inu for its devoted community, The ShibArmy.
The Shiba Inu Mint S.A., a Panama corporation, has allocated the funding to Shiba Inu for the development of their new blockchain incorporating FHE technology. The focus is on establishing Shibarium as the leading meme hub globally, while also strengthening security measures and ensuring compliance with regulatory standards.
Moreover, Shiba Inu is continuously enhancing their technology and expanding its reach to various partnerships, including the acquisition of a .shib top-level domain through D3 and philanthropic collaborations with the Manny Pacquiao Foundation.
Overview of Shiba Inu
Shiba Inu, a decentralized cryptocurrency ecosystem, has gained immense popularity among millions of users globally. It currently boasts 3.8 million X followers and is consistently ranked as the second most searched crypto project on Google.
The ecosystem consists of various tokens such as $SHIB, $LEASH, and $BONE, along with SHIBOSHIS and SHEboshi NFTs. SHIB.io utilizes the Shiba Inu Ecosystem to power advanced technologies like SHIB: The Metaverse and Shibarium, a Layer 2 blockchain that offers a strong foundation, scalability, security, and innovation for a decentralized world.
Joshua Downes
Joshua Downes is an experienced journalist and editor specialising in finance, trading, cryptocurrency and online betting. Over the last eight years, he has written for numerous publications and media outlets, both print and online. These include Trading-Education, Wetten, GamblingGuy, BitReviews, Industry Slice, and Gulf Business. With a BA in journalism and an MA in English, Joshua aims to provide informative and highly readable articles, making even the most complex of financial concepts easily understandable for the average reader. Joshua is currently pursuing professional qualifications in finance and also has extensive knowledge of the gambling industry, having spent four years working in operations for Gala Coral.
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