Shiba

United

2024

Polygon

Shiba Inu

The Shiba Inu project team has completed an investment round of $12 million. 
The Shiba Inu team is developing a layer 3 network using Zama’s homomorphic encryption technology, which attracted funding of $73 million. A test version of the layer 3 network will be launched in the third quarter of 2024 and will comply with regulatory requirements while ensuring the security and privacy of the community. 
The financing was <a href="https://www.globenewswire.com/news-release/2024/04/22/2866778/0/en/Shiba-Inu-Raises-12-Million-in-a-Strategic-Venture-Capital-Round-for-its-new-FHE-blockchain-via-TREAT.html" target="_blank" rel="">carried out</a> by selling the TREAT token to venture investors. The new blockchain is privacy-focused and built on top of Shibarium, a layer 2 solution for Ethereum. Shiba Inu’s lead developer, Shytoshi Kusama, declined to disclose the complete list of investors. He did note that none are based in the United States. 
 You might also like: <a href="https://crypto.news/shiba-inu-team-warns-of-scams-amid-new-sheboshi-token/" rel=""> Shiba Inu team warns of scams amid new SHEboshi token </a> 
<blockquote class="wp-block-quote"> 
 “Shiba Inu started with the vision of our founder, Ryoshi, and we’ve been so grateful to the community. Together, we have changed the face of crypto as we’ve worked towards that vision. We’ve crushed expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption.” <cite>Shytoshi Kusama, Shiba Inu’s Lead Developer</cite>
</blockquote> 
According to Kusama, the team began fundraising several months ago and completed it in early April. The developer said the funding includes both pre- and seed rounds. He added that TREAT will be the last token in the ecosystem. 
<a href="https://crypto.news/tag/Shiba-Inu/" target="_blank" rel="">Shiba Inu</a> has received funding from Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Labs, Stake Capital, and Comma 3 Ventures. 
In August 2023, the Shiba Inu team <a href="https://crypto.news/shibarium-hits-100k-wallets-milestone-amid-relaunch/" target="_blank" rel="">introduced</a> the Shibarium mainnet, a layer 2 solution for scaling <a href="https://crypto.news/tag/Ethereum/" target="_blank" rel="">Ethereum</a>. About a week later, active blockchain users exceeded 100,000 and reached one million in September 2023. 
 You might also like: <a href="https://crypto.news/shiba-inu-announces-shib-names-product-launch-after-385-price-rally/" rel=""> Shiba Inu announces ‘SHIB Names’ product launch after 385% price rally </a>

Shiba Inu raises $12m to develop layer 3 network

crypto.news

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