TLDR:
- Shiba Inu raises US$12 million for blockchain expansion.
- Global venture capital firms invest in Shiba Inu’s layer 3 blockchain project.
Shiba Inu, the memecoin project, has secured a US$12 million investment from venture capital firms for its layer 3 blockchain project. The funding was generated through the sale of the upcoming TREAT token and received contributions from Polygon Ventures, Mechanism Capital, and Animoca Brands. The new blockchain, featuring Fully Homomorphic Encryption for enhanced privacy, is scheduled for a testnet launch in the third quarter of 2024, with the mainnet going live after thorough testing. The investment rounds valued the project at up to US$200 million, aiming to expand the Shiba Inu ecosystem that includes the SHIB memecoin and other tokens.
Key elements of the article include the significant investment in Shiba Inu’s blockchain project, the use of Fully Homomorphic Encryption for improved privacy on the new blockchain, and the expected launch timeline for the project. The potential growth of the Shiba Inu ecosystem is highlighted as a key aspect of this development.
