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Highlights
- Shiba Inu raised $12 million funding from venture capital firms selling TREAT tokens.
- The funding will be used develop its new privacy-focused Layer 3 blockchain and Shibarium.
- SHIB price jumps 1% in response to the announcement.
Shiba Inu team has made a major development towards use cases and utility as they raised $12 million through TREAT utility and governance token to develop its new privacy-focused Layer 3 blockchain and other initiatives. A recent post on The Shib Daily revealed a major deal reached by Shytoshi Kusama during the Token2049 event.
Shiba Inu Team Raises $12 Million
Shiba Inu team has closed a $12 million funding round featuring some of the largest crypto contributors and venture capital firms, as per a Shib magazine daily. The funding round saw the team selling its utility and governance token TREAT token to non-U.S. venture capital firms from Panama-based Shiba Inu Mint SA
These include Animoca Brands, Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, Hercules Ventures, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital and Spirit Dao.
Shytoshi Kusama said the funds will primarily be used to develop Shiba’s new privacy-based Layer-3 blockchain with Zama and to ensure its Shibarium blockchain remains in focus, while expanding security measures and regulatory compliance. He also unveiled that TREAT will hit the crypto market this year. The Shib ecosystem will also introduce a new token called Shi stablecoin later this year.
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Shiba Inu Shines Strong At Token2049
Shiba Inu lead developer Shytoshi Kusama unveiling a deal done message in the official Telegram group on Saturday, leaving Shib Army in a state of excitement and anticipation.
“Need some help, everyone. I’m sitting with someone VERY important. Can we give a warm woof? And welcome? Thanks in advance!”
As a prominent meme coin that has expanded into a broader ecosystem, including decentralized finance (DeFi) applications and a dedicated blockchain, Shiba Inu has slowing progressing towards its aim into the mainstream financial world.
SHIB price jumped 1% after the announcement, with the price currently trading at $0.00002705. The 24-hour low and high are $0.00002551 and $0.00002761, respectively. However, the trading volume has decreased by 27% in the last 24 hours, indicating a decline in interest among traders.
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