Shiba Inu team has raised $12 million by selling the yet-to-be-released TREAT to venture capitalists outside the US. On April 22, Shiba Inu announced that the investors included Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures.
Significant Move by Shiba Inu Team
During this process, it appears that some of these investors, such as Mechanism Capital and Shima Capital, are headquartered in the US. However, Shiba Inu’s lead developer, Shytoshi Kusama, stated that none of the investors are based in the US.
Kusama mentioned that Shiba Inu started rising for the round a few months ago and completed it at the beginning of this month. He declined to comment on the valuation, but a source with direct knowledge of the matter said it was the first of several rounds, with valuations at $75 million, $100 million, and $200 million respectively.
Key Details About the Shiba Inu Ecosystem
According to Shiba Inu, TREAT will serve as a utility and governance token for a new privacy-focused Layer-3 network built on the Ethereum Layer-2 network Shibarium. Kusama said that TREAT will be the last non-stable token in the Shiba Inu ecosystem, and that a new token named Shi will be introduced later this year. The ecosystem currently includes popular tokens such as SHIB, the governance token BONE of Shibarium, and LEASH, a fixed supply token held by loyal Shiba Inu users providing benefits like BONE rewards.
Although TREAT has not yet been launched, CoinGecko and CoinMarketCap are already showing some trading volume for specific TREAT tokens. Kusama has labeled this situation as fraudulent. He stated that the original TREAT token will be launched by a Panama-based company, Shiba Inu Mint S.A.
Shiba Inu is currently developing a new Layer-3 blockchain network using fully homomorphic encryption technology, following a recent $73 million funding round by cryptography company Zama. FHE is considered the holy grail of cryptography, enabling end-to-end data encryption even during processing. The Shiba Inu team shared the following statement:
“This new encryption chain aims to address many issues in crypto, including the privacy and security of Shiba Inu’s vast community and the next billion crypto enthusiasts.”
