Shiba Inu, an Ethereum-based ecosystem, has secured $12 million in funding for its new privacy-focused blockchain through a token sale round. Investors such as Animoca Brands, DWF Ventures, and Polygon Ventures purchased the upcoming utility and governance token TREAT for the new network. The fundraising effort follows Shiba Inu's collaboration with Zama to develop a privacy-enhancing network utilizing Fully Homomorphic Encryption (FHE) technology.
Shiba Inu Raises $12 Million for Privacy-Focused Blockchain
Shiba Inu, the decentralized finance (DeFi) ecosystem known for its eponymous canine-themed token, has successfully concluded a $12 million token sale round to fund the development of a new privacy-centric blockchain.
The funds were raised through the sale of TREAT, the upcoming utility and governance token for the new blockchain. Investors who participated in the round include prominent entities in the crypto and blockchain industry, such as Animoca Brands, DWF Ventures, Polygon Ventures, and several others.
The Shiba Inu blockchain, currently under construction, aims to enhance privacy for users within the Shiba Inu ecosystem. It will utilize Fully Homomorphic Encryption (FHE), a cryptographic technique that enables computations to be performed on encrypted data without the need for decryption. This technology is expected to provide a significant boost to the privacy of transactions and data stored on the blockchain.
The token sale round was conducted by Shiba Inu Mint S.A., a Panama-based ecosystem development firm. The funds raised will be used to develop and launch the new blockchain, which will operate alongside Shibarium, the Shiba Inu ecosystem's existing Ethereum-based layer-2 blockchain.
The development of the privacy-focused blockchain was first reported by CoinDesk in February, when it was revealed that Shiba Inu developers were collaborating with Zama, a cryptography company, on the project. The news sparked enthusiasm within the Shiba Inu community, as it signaled a significant step forward in the ecosystem's evolution.
Following the token sale announcement, the price of SHIB, the native token of the Shiba Inu ecosystem, experienced a modest increase of 2.2% over the past 24 hours. SHIB currently ranks as the 12th-largest cryptocurrency by market capitalization, with a value of approximately $16 billion.
The successful token sale and the upcoming launch of the privacy-focused blockchain are considered major milestones for the Shiba Inu ecosystem. They demonstrate the growing maturity of the project and its commitment to innovation and user privacy. As the blockchain development progresses, the Shiba Inu ecosystem is poised to expand its reach and offer enhanced privacy features to its growing user base.
