The Shiba Inu project, known for its canine-themed memecoin, SHIB, has successfully raised $12 million through a private token sale of its upcoming TREAT utility and governance token. The investors involved in this sale include prominent venture capital firms such as Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, DWF Ventures, and Spirit Dao. It is worth noting that all the participants in this private token sale were located outside of the United States.
The involvement of these venture capital firms and their partners is expected to greatly assist the Shiba Inu project in expanding its network and realizing its full potential for the community. Shytoshi Kusama, the anonymous core developer of Shiba Inu, expressed his gratitude for the support, stating that it will contribute to the project’s growth. Kusama has maintained a low profile this year, with sporadic sightings reported in various locations such as New York, Japan, and the Maldives. He claims to be on vacation, enjoying his time like everyone else. However, he resurfaced on Telegram on April 21 to respond to a user’s critique, defending his dedication to building the project.
In addition, the Shiba Inu team provided some insights into the TREAT token, describing it as the final unreleased token that will unlock the project’s newly announced blockchain, which incorporates Fully Homomorphic Encryption (FHE). Two months ago, Shiba Inu partnered with Zama.ai to implement FHE technology, forming the foundation of TREAT’s innovative privacy layer. The funds raised from the private token sale will be utilized by Shiba Inu’s Panamian entity, Shiba Inu Mint S.A., to develop the TREAT platform. The team envisions various applications for this technology, including encrypted lending platforms, tokenized asset exchanges, and encrypted machine learning models.
Shiba Inu has gained significant traction as a memecoin, delivering a remarkable 164% increase in value over the past year. The project introduced .shib domains for its tokenholders last December, and its layer-2 scaling solution, Shibarium, has attracted over 1 million users since its inception.
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Shibarium has dismissed claims of bridge issues, attributing them to FUD (Fear, Uncertainty, and Doubt).