Shiba Inu Raises $12 Million to Create Privacy-Focused Blockchain

At Token2049 in Dubai, Shytoshi Kusama, lead developer of meme coin Shiba Inu (SHIB), announced a $12 million funding round to develop a new privacy-focused Layer 3 blockchain via its Panama-based company Shiba Inu Mint S.A. The funding will be used to develop Shiba Inu's blockchain technology and implement its Shibarium Layer 2 scaling solution.

Shiba Inu Raises $12 Million to Develop Privacy-Focused Layer-3 Blockchain

In a groundbreaking announcement at the Token2049 event in Dubai, Shytoshi Kusama, lead developer of the popular meme coin Shiba Inu (SHIB), unveiled a $12 million fundraising initiative to develop a novel privacy-centric Layer-3 blockchain.

This substantial investment, secured through Shiba Inu Mint S.A. based in Panama, will drive the creation of a new utility and governance token dubbed TREAT within the nascent blockchain ecosystem powered by fully homomorphic encryption (FHE).

An impressive roster of investors participated in the fundraising round, including Polygon Ventures, Mechanism Capital, Big Brain Holdings, Cypher Capital, Hercules Ventures, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Spirit DAO, and Comma 3 Ventures.

The raised funds are earmarked not only for the development of Shiba Inu's blockchain technology but also for the implementation of its Layer-2 scaling solution, Shibarium, as per Shytoshi Kusama's statement.

"Shiba Inu was born out of the vision of our founder, Ryoshi, and we are immensely grateful to the community," Kusama said. "Together, we have reshaped the face of crypto by working towards this vision. We have exceeded expectations by building an entire ecosystem with an underlying technology stack like no other, alongside the community, gaming, AI, Metaverse, DeFi, self-sovereign identity, and encryption. We are thrilled to have the support of such strong venture capital firms, angel investors, and brands while venturing into this great decentralized experiment. With the onboarding of these VC firms and their strategic partners, we not only expand our network of trusted partners but also exponentially increase what Shiba Inu can truly do for our community, The ShibArmy. A vast majority of the global population is still not familiar with crypto. We aim to change that in a meaningful way before the end of the year."

Shiba Inu's announcement signifies the burgeoning popularity of the meme coin sector, spearheaded by Dogecoin (DOGE), which now faces increasing competition from ambitious newcomers like DogWifHat (WIF), BONK, and MYRO.

Meme coins have witnessed notable gains in recent days. BONK's price soared by 40% following a proposal to burn nearly 300 billion BONK tokens. DogWifHat's price experienced a sharp 20% surge last week after Coinbase announced the addition of WIF perpetual contracts.

Stay up-to-date on the latest developments by following Conseils Crypto on X, Facebook, Telegram, Linkedin, and Instagram.

Additional Readings:

• How Do Meme Coins Work?
• Is Shiba Inu a Good Investment?
• Top Meme Coins to Watch in 2023