Shiba Inu Raises $12 Million in Private Sale for Upcoming TREAT Token
Summary:
Shiba Inu (SHIB) has raised $12 million in a private sale of its upcoming TREAT token. The fund will aid Shiba Inu's Panama-based Shiba Inu Mint S.A. in creating the TREAT platform, backed by venture capitalists from outside the United States. The token will unlock Shiba Inu's new blockchain with Fully Homomorphic Encryption (FHE). The coin has seen a 164% rise over the last year, and its layer-2 solution, Shibarium, now hosts over a million users.
Shiba Inu (SHIB), a popular cryptocoin project inspired by dog memes, has garnered $12 million through the private sale of its TREAT token, which is yet to be officially launched. The announcement on April 22 also cited the list of investors, which included major venture capitalist groups like Comma 3 Ventures, Big Brain Holdings, Cypher Capital, among others. It was additionally noted that the investors were all non-US participants. The venture capitalists' contribution will be instrumental in widening Shiba Inu's reach and exploring its untapped potential, as per Shytoshi Kusama, the secretive key developer of Shiba Inu. Kusama, who had been maintaining a low presence recently and had been vacationing reportedly, appeared on Telegram on April 21 to address certain criticisms regarding his project. The Shiba Inu team clarified that TREAT is the last token yet to be launched by the well-known meme brand which will give access to Shiba Inu's latest blockchain with Fully Homomorphic Encryption (FHE). This state-of-the-art privacy layer TREAT was made possible through Shiba Inu's partnership with Zama.ai two months earlier. According to the developers, the newly raised fund will assist Shiba Inu's Panama-based entity, Shiba Inu Mint S.A., in creating the TREAT platform, which promises applications like encrypted lending platforms and tokenized asset exchanges among others. Shiba Inu has seen an impressive rise of 164% over the last year, making it a standout performer among memecoins. Last December, the project introduced .shib domains for its token holders and its layer-2 solution, Shibarium, has exceeded 1 million users since its launch. As an aside, Shibarium has dismissed claims of having issues with its bridge and deems them as baseless fear, uncertainty and doubt (FUD).
Published At
4/22/2024 5:41:36 PM
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