Shiba Inu (SHIB) Fetches $12M Investment in a Token Sale to Build Privacy-Focused Blockchain

Shiba Inu, an Ethereum-based ecosystem represented by the second-largest dog-themed token SHIB, raised $12 million in a token sale round to build a privacy-focused blockchain, according to a report on Monday. It has been procured press release.

The list of investors participating in this round is: Comma 3 Ventures, 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. , Mechanism Capital and Spirit Dao have all purchased the new network’s upcoming utility and governance token TREAT.

The deal was completed by Shiba Inu Mint SA, an ecosystem development company established in Panama, the press release added.

The funding comes as Shiba Inu developers are collaborating with crypto company Zama to build a new privacy-focused network on top of Shibarium, the ecosystem’s Ethereum-based Layer 2 blockchain. This comes after CoinDesk reported on it in February. The network power sources are: Fully homomorphic encryption (FHE) is a privacy tool that allows developers to use data on untrusted domains without decrypting it.

SHIB rose 2.2% in the past 24 hours, matching the rise in the broader market CoinDesk 20 Index. It is the 12th largest cryptocurrency with a market capitalization of approximately $16 billion.

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