The Shiba Inu development team has announced the closing of a $12 million funding round through the sale of a brand-new token named TREAT. The founding round was led by the Web3-focused venture capital firm Animoca Brands and boasts a consortium of renowned blockchain-focused investors. The proceeds will be used to fund the development of a new privacy-centred Layer 3 blockchain to bolster the Shiba Inu Ecosystem.
Shiba Inu Devs Backed by A-Listers
Several reputable international investors participated in the investment round, including Big Brain Holdings, Mechanism Capital, Cypher Capital, Shima Capital, and Polygon Ventures. Comma 3 Ventures, Woodstock Fund, and Morningstar Ventures were also among the notable investors who contributed to the round, demonstrating the wide range of interest that investors had in Shiba Inu’s technological goals.
The ability to attract such coveted names in the funding round is huge vote of confidence in the Shiba Inu team and the belief in their ability to deliver a privacy-focused blockchain. Shiba Inu lead developer Shytoshi Kusama acknowledged the significance of such backing by renowned investors during an exclusive interview with TheStreet Crypto during the Token2049 event in Dubai saying:
Having new friends when you move tactically against other (memecoins) like DOGE and other projects like Cardano and XRP, the ability to prove yourself and have new validation is extremely important. This is like everything we do for the community — we’re not going to go out and buy Lambos, we’re going to go out and finalize what we want to do.
The pseudonymous lead developer of Shiba Inu, further detailed the strategic deployment of these funds and suggested how they are going to benefit the Shiba Inu community. He disclosed that the funds would be used mainly to further the creation of the project’s new blockchain technology and improve the features of its current Layer 2 solution, Shibarium.
The aim is to transform Shibarium into the meme center of the world while expanding security measures and ensuring regulatory compliance
Shiba Inu roadmap
Building a Layer 3 blockchain to run on top of the Shibarium Layer 2 network is the most important goal of Shiba Inu’s roadmap. With the introduction of this new layer, data will be able to maintain its encryption throughout processing, providing previously unheard-of benefits in terms of security and privacy. This technique is known as fully homomorphic encryption, or FHE for short.
The new blockchain also aims to preserve compliance with international regulations, by balancing user privacy with the required legal frameworks. This is according to Kusama who stated that:
This new encryption chain aims to address multiple issues in the crypto space, including privacy and trust, essential for our extensive community and potentially billions more as we expand our reach
The funds will also go toward supporting new joint ventures and neighborhood projects, such as obtaining a.shib top-level domain and working together to use blockchain technology for video distribution and authentication. These initiatives are a part of Shiba Inu’s larger plan to develop into a “social network state,” in which the blockchain is extensively used to facilitate community connection and governance.
TREAT Token
The TREAT token is a core aspect as it will become part of Shiba Inu’s wide range of tokens, which also includes SHIB, LEASH, and BONE. In the upcoming Layer 3 blockchain, TREAT is intended to function as a utility and governance token. Despite not having been formally issued yet, Kusama stressed the significance of raising community awareness while cautioning against fraudulent tokens that were circulating on the market.
Following the funding, the Shiba Inu team intends to introduce a testnet for the Layer 3 blockchain in Q3 this year; a mainnet launch is scheduled following extensive testing and auditing procedures.
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