Shiba Inu has received significant support from strategic investors in a $12 million raise. The Shiba Inu ecosystem team made this known to the public highlighting that the funds raised will be used to build a new encrypted blockchain and expand existing offerings.
The fund was raised by selling Shiba Inu’s yet-to-be-released $TREAT utility token to a group of venture capital and investment groups. These groups comprise Mechanism Capital, Animoca Brands, Polygon Ventures, and Shima Capital, among many other fund investors.
This fund will be mainly used to enable the development of FHE technology-based new blockchain according to Shytoshi Kusama, Shiba Inu lead developer. It is an advanced encryption aiming at addressing privacy and trust issues associated with many existing blockchains.
“Shiba Inu started from the vision of our founder Ryoshi and we’ve been so thankful to the community. Together, we have changed the face of crypto as we’ve worked towards that vision. We’ve crushed expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption,” He added “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. Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy.”
—Shytoshi Kusama, Shiba Inu Lead Developer
What to expect
The new blockchain utilizes $TREAT as a governance and utility token. To achieve this, Shiba Inu has partnered with Zama.ai, an open-source cryptography company that builds state-of-the-art Fully Homomorphic Encryption (FHE) solutions for blockchain and AI, to use their FHE protocols to provide blockchain solutions. This will likely enhance privacy compared to the traditional methods.
Besides developing blockchain, the funds raised will be used to make Shib’s vision a reality — creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption. It’ll also ensure that Shibarium becomes the meme center of the world, and expand security and regulatory compliance.
Wrapping up
This infusion of capital will primarily be used to develop a new blockchain-based on Fully Homomorphic Encryption (FHE) technology. It promises to enhance privacy and trust in blockchain interactions. Central to this new development is the $TREAT token, which will serve as both a governance and utility token within this innovative framework. This initiative aligns seamlessly with Siba Inu’s overarching vision. Shiba Inu is not just expanding its technological footprint but also reinforcing its commitment to redefining the crypto space to establish Shibarium as a global hub for meme coins.
