Shiba Inu Secures $12M Pre-Seed and Seed Rounds in TREAT Token Sale

Briefly:

  • The company plans to use the funding to develop a privacy-focused layer 3 blockchain on Shibarium.
  • According to Shiba Inu, the new blockchain will use TREAT as a utility and governance token.
  • This announcement comes less than two months after Shiba Inu announced it would be integrating FHE technology into the SHIB ecosystem.

Shiba Inu has completed a $12 million pre-seed and seed round raised through a token sale. The funding attracted participation from major Web3 companies and investors outside the United States.

Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, DWF Ventures, and Comma 3 Ventures participated in the TREAT token sale.

Shiba Inu plans to use the funding to accelerate the development of a privacy-focused layer 3 blockchain on Shibarium. The new chain will use TREAT as a utility and governance token and will be the fourth and final token in the Shib ecosystem, following SHIB, Leash, and Bone.

The TREAT tokens have not yet been released and will be minted at Shiba Inu Mint SA, a legal entity registered in Panama, the company said in a statement on Monday.

This announcement comes less than two months after Shiba Inu announced a partnership with ZAMA to integrate Fully Homomorphic Encryption (FHE) technology into the SHIB ecosystem.

“This advancement provides unparalleled privacy for $SHIB holders, making the SHIB community one of the first in the Web3 space to enjoy full on-chain data protection,” the company said in a statement.

Shatoshi Kusama, the pseudonymous Shiba Inu developer, commented on the funding as follows: Through the involvement of these venture capital firms and their strategic partners, we are not only expanding our network of trusted partners, but also exponentially increasing what Shiba Inu can truly do for our communities. ”


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