Bittime - Popular meme coin Shiba Inu (SHIB) has just announced a successful fundraising of US$12 million. The funds were obtained through the sale ofunreleased TREAT tokens to non-US venture capital investors.
Involved Investors
Some of the investors involved in this funding include Polygon Ventures, Mechanism Capital, Big Brain Holdings, and Shima Capital. However, some names such as Mechanism Capital and Shima Capital appear to be domiciled in the US.
When confirmed, Shiba Inu's lead developer, Shytoshi Kusama, stated to The Block that none of the investors were from the US, although the full entity name may not have been revealed.
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Funding Details
The fundraising began several months ago and was completed in early April 2024. Kusama declined to comment on the project's valuation, but sources familiar with the matter told The Block that the funding is being done in stages.
Each stage has a respective valuation of US$75 million, US$100 million and US$200 million. Kusama also explained that this funding includes pre-seed and seed rounds.
What is TREAT Token?
TREAT is a utility token and governance for Shiba Inu's new privacy-focused Layer 3 blockchain. This blockchain is built on Shibarium, Shiba Inu's Ethereum-based Layer 2 blockchain.
TREAT will be the last non-stablecoin token of the Shiba Inu ecosystem. Apart from TREAT, Shiba Inu also plans to launch a new token called Shi later this year.
The Shiba Inu ecosystem currently has several tokens, namely the popular meme coin token SHIB, BONE (Shibarium governance token), and LEASH (a token with a limited supply aimed at loyal Shiba Inu users and providing benefits such as BONE rewards).
Later, the original TREAT token will be printed by The Shiba Inu Mint SA, a company incorporated in Panama.
Also Read: Shiba Inu (SHIB): What is it, How Does It Work, and Why is it Popular?
Shiba Inu New Blockchain
Additionally, Shiba Inu is also developing a new Layer 3 blockchain using fully homomorphic encryption technology from cryptography company Zama. FHE technology is considered the holy grail technology in the field of cryptography because it allows end-to-end data encryption, even during the processing of that data.
This new encryption chain aims to address various issues in the crypto world, including privacy and trust for the large Shiba Inu community, which consists of tens of millions of users and billions of other potential crypto users.
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Comply with Regulatory Requirements
This new blockchain is designed to comply with regulatory requirements. Kusama said that it is important to maintain projects that comply with international law while protecting data privacy and individual security.
By allowing people to remain anonymous, but still be able to obtain credentials to verify their identity, the entire Shiba Inu system improves security and compliance simultaneously.
Kusama refused to reveal the name of the Layer 3 blockchain to avoid scammers such as the fake TREAT tokens that are already circulating.
The new blockchain is planned to launch a testnet in the third quarter of 2024 and the mainnet will follow after thorough testing.
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Also Read:
Meme coins, what are they and what are some examples?
Trading Meme Coin: Trends, Speed, and Profit!
Meme Coin Trends 2024: Joke or Crypto Future?
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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