Shiba Inu buys 15% stake in massive company to expand to Middle East and give back to community

  • Being Shiba Inu’s partner, Welly would be burning a portion of SHIB’s franchise fees to reduce SHIB’s circulating supply.
  • This is another major partnership by Shiba Inu after joining hands with the Bugatti Group earlier this month.

The ecosystem supporting the world’s second-largest memecoin Shiba Inu (SHIB) has been working on different kinds of developments over the last year. The Shiba Inu Army has been quite an active, loyal, and supportive community that continues to push the ecosystem further and ahead.

Now, Shiba Inu is expanding its footprint in the Middle East with the opening of the Shiba Inu-themed restaurant Welly. Welly is a fast-food giant and last year in April, they announced that the Shiba Inu community be granted 15 percent ownership of the company. Of course, the restaurant accepts payments in the SHIB crypto.

The two players are now making a move into the Middle East by launching a new venture in Dubai. Being Shiba Inu’s partner, Welly has announced that they would be burning a portion of SHIB’s franchise fees as well as net income to aid the ongoing efforts to reduce SHIB’s circulating supply.

On Monday, January 23, Stefano Gugl, the co-founder of Welly, announced that they would be considering the opening of a new Welly restaurant in Dubai. Besides, they were also looking for a partner or investor for the food venture. In his recent announcement, Gugl wrote:

Welly in Dubai! Seeking partner/investor for a game-changing fast food venture. Management of the store will be taken care of by our experienced team. That’s not a franchise, but rather the chance to open a store together under a new company.

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Shiba Inu’s key partners

Shiba Inu gained major popularity during the crypto bull run of 2021 and emerged among the top 15 altcoins by market cap. Since then, it has been getting greater attention from the crypto community so far. The good thing about Shiba Inu is that the ecosystem continues to expand by undertaking new initiatives in a timely manner.

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Much recently, Shiba Inu announced a partnership with the Montreal-based premium brand Bugatti Group. Also, this partnership comes after the Bugatti Group hopped on to the recent craze surrounding the launch of its own collection of non-fungible tokens (NFTs). They also have their own Genesis NFT collection. However, it’s not clear whether Shiba Inu is planning any sort of partnership over NFTs with Bugatti.

Besides, Shiba Inu has been recently in the news as the developers have been working on the launch of the Layer-2 scalability platform Shibarium. As hinted by Shiba Inu developer Shytoshi Kusama, the Shibarium network could probably launch next month on the 14th of February.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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