Shiba Inu raises $12 million in token round for its new blockchain

Shiba Inu, the team behind the popular meme coin of the same name, has raised $12 million by selling its private token, TREAT, to non-US venture capital investors. Those investors include Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital and Comma 3 Ventures, Shiba Inu said on Monday.

However, some of these investors, including Mechanism Capital and Sima Capital, appear to be headquartered in the United States. In response to questions, Shiva Inu’s lead developer Shatoshi Kusama told The Block that none of the investors are based in the United States. Full entity name may not be disclosed.

Kusama said she started breeding the Shiba Inu several months ago for this round and finished breeding it earlier this month. He declined to comment on the valuation, but a person with direct knowledge of the matter told The Block that this is a tranche round, with each tranche valued at $75 million, $100 million and $200 million, respectively. He said that.

Kusama said the token round consists of both a pre-seed round and a seed round.

Shiba Inu treat token

According to Shiba Inu, the TREAT token will serve as a “utility and governance token” for a new privacy-focused layer 3 blockchain built on Shibarium, the company’s Ethereum layer 2 blockchain.

Kusama said TREAT will be the last non-stable token in the Shiba Inu ecosystem, adding that the ecosystem plans to introduce a new token called Shi later this year. Existing tokens in the ecosystem include the popular His SHIB Meme Coin, Shiba Rium’s Governance His Token His BONE, and Shiba Inu’s loyal users own and enjoy perks and perks such as BONE rewards. Contains LEASH, a fixed supply token provided.

Although TREAT tokens have not been released yet, CoinGecko and CoinMarketCap are already showing some trading volume for certain TREAT tokens. Kusama called this a “fraud.” According to Kusama, the real TREAT tokens will be minted by The Shiba Inu Mint SA, a Panamanian corporation.

Shiba Inu’s new blockchain

Shiba Inu is developing a new layer 3 blockchain using fully homomorphic encryption technology from Zama, a crypto company that recently raised $73 million in funding. FHE is considered the “holy grail” of encryption, allowing end-to-end data encryption even during processing. “This new cryptocurrency chain aims to address multiple issues in cryptocurrencies, including privacy and trust for the broader community of tens of millions of Shiba Inu people and billions of people interested in cryptocurrencies in the coming years. We aim to do so,” Shiba Inu said.

The new blockchain is intended to comply with regulatory requirements. “It is important to maintain projects compliant with international law while protecting data privacy and personal safety,” Kusama said. “By allowing people to obtain private yet identifying credentials, our entire system simultaneously extends security and compliance.”

Kusama declined to disclose the name of the layer 3 blockchain to “ensure that there are no scammers” such as fake TREAT tokens.

Kusama said the new blockchain plans to release a testnet in the third quarter of this year and then release its mainnet “after thorough testing.”

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