- Shiba Inu team secures $12 million via TREAT token sale to non-U.S. investors like Polygon Ventures.
- The lead developer, Kusama, clarifies the investor base amid queries about U.S. involvement.
- TREAT is a utility and governance token for Shiba Inu’s Layer 3 blockchain.
The team behind the Shiba Inu memecoin has secured $12 million by selling its unreleased token, TREAT, to non-U.S. venture capital investors. The fundraising campaign, which started several months ago, witnessed participation from investors such as Polygon Ventures, Mechanism Capital, Big Brain Holdings, Woodstock Fund, and DWF Ventures,
Questions arose regarding the involvement of U.S.-based investors such as Mechanism Capital and Shima Capital. However, Shytoshi Kusama, the lead developer, clarified that despite appearances, none of the investors are based in the U.S., although full entity names remain undisclosed.
Kusama refrained from providing specific details regarding the valuation but indicated that the fundraising was conducted in tranches. According to a source familiar with the matter, these tranches occurred at valuations of $75 million, $100 million, and $200 million, respectively.
TREAT is the “utility and governance token” for Shiba Inu’s forthcoming privacy-centric Layer 3 blockchain. Kusama emphasized that TREAT will be the final non-stable token within the Shiba Inu ecosystem, revealing plans to unveil a new token named Shi later this year.
Although TREAT is currently unreleased, platforms like CoinGecko and CoinMarketCap have displayed trading volume for specific TREAT tokens. Nonetheless, Kusama labeled this event a “scam,” affirming that the Shiba Inu Mint S.A., a Panama-based corporation, would mint the authentic TREAT token.
Furthermore, Shiba Inu is developing a new Layer 3 blockchain, leveraging fully homomorphic encryption (FHE) technology from Zama, a cryptography company. FHE stands out as a significant advancement in cryptography, enabling end-to-end data encryption, even during processing.
Shiba Inu’s adoption of FHE technology aims to tackle various challenges within the crypto space. This includes issues regarding privacy and trust for its extensive community and the next generation of crypto-curious individuals.
To curb fraudulent activities, Kusma has chosen not to disclose the name of the Layer 3 blockchain at this stage. The new blockchain’s development timeline includes releasing a testnet in the third quarter of the year. In succession, a mainnet launch will kickstart after thorough testing procedures have been completed, Kusama revealed.
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