Shiba Inu Raises $12M for Privacy-Focused L3 Blockchain Development

Shiba Inu, the popular meme coin project, has announced the successful closure of a $12 million funding round aimed at financing the creation of a new Layer-3 (L3) blockchain that prioritizes privacy. The announcement follows a series of notable achievements for the project, including a strong market performance and strategic partnerships designed to enhance convenience and utility for its dedicated community, affectionately known as the Shib Army.

The funding round, which involved the sale of the $TREAT utility token, attracted investments from a roster of prominent investors, including Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, DWF Ventures, Morningstar Ventures, Hercules Ventures, Animoca Brands, Foresight Ventures, Comma3 Ventures, Woodstock Fund, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, STIX, and Spirit Dao. Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, emphasized the significance of this investment, stating, “What we did is that we made sure that some of the most powerful people in the world have skin in our game, so to speak.”

According to the article in The Shib Daily, the upcoming L3 network will place a strong emphasis on privacy, utilizing $TREAT as its governance and utility token, akin to the role of $BONE as the gas fee token on the Shibarium L2 chain. By incorporating privacy-focused enhancements, Shiba Inu aims to expand its reach beyond its current crypto user base, capitalizing on the rapid evolution of blockchain technology and the increasing competition for onboarding new users from outside the crypto ecosystem.

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Earlier this year, Shiba Inu formed a strategic partnership with Zama, a Paris-based company, to integrate its encryption tools that leverage Fully Homomorphic Encryption (FHE). This collaboration seeks to enhance privacy across the chain, ensuring transactional confidentiality, user interactions, and data privacy. Additionally, the project partnered with D3 to offer *shib domain names to users, facilitating a seamless integration between Web2 and Web3 environments.

Commenting on these developments, Shiba Inu marketing lead, known by the X handle @LucieSHIB, expressed enthusiasm, stating, “It’s wonderful to see that we are stepping closer and innovating more. Shib will never stop growing as we will see more people utilize Shibarium. The impact of TREAT will be bigger than many realize, benefiting the whole Shibarmy. Layer 3 will enhance and put Shibarium in a new spotlight.”

Although not yet released, the $ TREAT token will be minted by Shiba Inu Mint S.A., a Panama-based corporation. In addition to funding the development of the L3 blockchain, the raised capital will be allocated to bolstering security measures and ensuring regulatory compliance, laying the foundation for the long-term growth and sustainability of the Shiba Inu ecosystem.

Featured Image via Unsplash

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• Source: https://www.cryptoglobe.com/latest/2024/04/shiba-inu-shib-secures-12m-in-funding-for-development-of-privacy-focused-layer-3-blockchain/