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- Shiba Inu has successfully raised $12 million by selling its unreleased token TREAT to venture capital investors.
- The TREAT token serves as a utility and governance token for Shiba Inu’s privacy-focused Layer 3 blockchain, which is built atop the Layer 2 platform Shibarium.
Shiba Inu has attained yet another major milestone raising a staggering $12 million by selling its unreleased token TREAT, to venture capital investors outside the US. These investors include Mechanism Capital, Animoca Brands, Polygon Ventures, Big Brain Holdings, Shima Capital, Morningstar Ventures, DWF Ventures, Woodstock Fund, Comma 3 Ventures, and Stake Capital.
However, some of these investors, including Mechanism Capital and Shima Capital, seem to have their headquarters in the United States. When asked, Shytoshi Kusama, the lead developer of Shiba Inu, informed The Block that none of the investors are U.S.-based, although full entity names may not be disclosed.
The fundraising for this round of Shiba Inu began a few months ago and was completed earlier this month, according to Kusama. While he declined to discuss the valuation, a source familiar with the situation informed The Block that it was a staged round, with valuations of $75 million, $100 million, and $200 million for each stage, respectively. Kusama mentioned that the token round encompasses both pre-seed and seed rounds.
More About Shiba Inu’s TREAT Tokens
Shiba Inu noted that the TREAT serves as a “utility and governance token”, for its privacy-focused Layer 3 blockchain, built atop the Layer 2 platform Shibarium. As per Kusama, TREAT will be the last non-stable token from Shiba Inu. He also stated that the ecosystem plans to introduce a new token Shi by the end of this year.
The ecosystem comprises several existing tokens, notably the widely recognized SHIB memecoin, BONE, which serves as Shibarium’s governance token, and LEASH, a fixed-supply token exclusively held by Shiba Inu’s dedicated users. LEASH offers various benefits and perks to its holders, including rewards in BONE.
While the official release of the TREAT token is pending, CoinGecko and CoinMarketCap are already listing trading volumes for certain TREAT tokens, which Kusama has labeled as “scams.” The genuine TREAT token will be minted by The Shiba Inu Mint S.A., a Panama-based corporation, according to Kusama.
The Layer 3 Blockchain
Shiba Inu is leveraging fully homomorphic encryption (FHE) technology from cryptography firm Zama for its upcoming Layer 3 blockchain. FHE is widely popular as the pinnacle of cryptography, offering end-to-end data encryption that remains intact even during processing.
Shiba Inu emphasized that this innovative encryption chain will tackle various challenges in the crypto sphere, including privacy and trust concerns, benefiting its vast community of tens of millions and the next billion individuals exploring cryptocurrency. Moreover, the new blockchain aims to adhere to regulatory standards. Kusama said:
“It’s important that we maintain a project that conforms to international law while protecting the privacy of data, and security of individuals. By allowing people to both be private yet still gain credentials to verify their identity, our entire system extends security and compliance at the same time.”
Kusama has declined to name the Layer 3 blockchain just to make sure that they have no scammers, just like the TREAT tokens. Furthermore, Shiba Inu is also working on upgrading the Shibarium UI adding support for MetaMask and Coinbase wallets, per the Crypto News Flash report.
