Shiba Inu Draws $12 Million Raise for New Blockchain and TREAT Token

A consortium of prominent crypto venture capital firms has backed meme coin Shiba Inu (SHIB) with $12 million in a bet on the ecosystem’s upcoming “layer 3” blockchain. This stake will be provided in the form of new TREAT tokens.

Investors include Animoca Brands, Polygon Ventures, DWF Ventures, Spirit Dao, and more.

“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.” said Shiba Inu’s pseudonymous lead developer “Shatoshi.” Monday’s “Kusama” press release.

TREAT is a planned “utility and governance token” on the initial chain and the “last unstable token” in the SHIB ecosystem, the organizing team declared.

Shiba Inu’s new, as-yet-unnamed TREAT blockchain will be a so-called “layer 3” network on Shibarium, which is itself a scalability-focused layer 2 network built on top of Ethereum.

Shibarium already has its own native token called BONE, which was launched in July 2021, but the Shibarium bridge itself was not fully operational until August last year. This ecosystem also includes his limited supply token called LEASH, which gives Shiba Inu enthusiasts perks such as the addition of his BONE token.

The TREAT blockchain, an improvement on Shibarium, features “Fully Homomorphic Encryption” (FHE), which enhances the privacy of network transactions. IBM I will explain FHE is “an innovative technology that helps enable Zero Trust by unlocking the value of data on untrusted domains without decrypting it.”

Several fake versions of TREAT have already appeared on CoinMarketCap and CoinGecko, while the real version is scheduled to be minted by TheShiba Inu Mint SA at a date yet to be announced.

SHIB prices were flat on Monday, but have risen 19% this week. It is currently the 11th largest cryptocurrency by market capitalization with $15.6 billion, just three spots behind its main canine-themed predecessor, Dogecoin (DOGE).

Both Doge and SHIB soared earlier this year alongside other meme coins as indirect beneficiaries of the Bitcoin Spot ETF, which was launched in January. In early March, Bitwise CIO Matt Hogan said he expected these altcoins to continue rising as long as demand for ETFs continues.

“After crypto natives make money with Bitcoin and feel rich, they start looking for more speculative assets to invest in,” he explained at the time.

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