Shiba Inu Team Secures $12 Million for New Blockchain Development
Shiba Inu's team has successfully secured a $12 million funding round through the TREAT utility and governance token to develop its new privacy-focused Layer 3 blockchain and other initiatives.
The funding round, reported by Shib magazine daily, involved some of the largest crypto contributors and venture capital firms. The team sold its utility and governance token TREAT to non-U.S. venture capital firms from Panama-based Shiba Inu Mint SA.
Contributors included Animoca Brands, Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, Hercules Ventures, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, and Spirit Dao.
According to Shytoshi Kusama, the funds will primarily be used to develop Shiba’s new privacy-based Layer-3 blockchain with Zama and to ensure its Shibarium blockchain remains in focus, while expanding security measures and regulatory compliance.
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He also revealed that TREAT would hit the crypto market this year. The Shib ecosystem will introduce a new token called Shi stablecoin later this year.
Shiba Inu’s lead developer, Shytoshi Kusama, shared a message in the official Telegram group on Saturday, leaving the Shib Army in a state of excitement and anticipation.
As a prominent meme coin that has expanded into a broader ecosystem, including decentralized finance (DeFi) applications and a dedicated blockchain, Shiba Inu has been slowly progressing towards its aim to enter the mainstream financial world.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
