Shiba Inu memecoin raises $12M from institutional investors

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The Shiba Inu (SHIB) canine memcoins project has secured $12 million through a private token sale for its upcoming TREAT utility and governance token, which is yet to be released.

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In the announcement on April 22, it was revealed that the investment group consisted of 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, and Spirit Dao. These investors took part in the private token sale, which excluded participants based in the United States.

Venture capital firms and their associates joining the Shiba Inu project will broaden its connections and enhance what the Shiba Inu team can achieve for our community, according to Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu.

Kusama has been relatively inactive this year, with rumors of his whereabouts in New York, Japan, and the Maldives. Yet, Kusama insists he’s merely taking a break for personal enjoyment, just like everyone else. Nevertheless, the core developer unexpectedly appeared on Telegram on April 21. In response to criticism from a user, Kusama wrote, “I have poured all my heart and soul into creating this, and you are an ungrateful troll not worthy of the air I breathe.”

Simultaneously, Shiba Inu team members shared that “TREAT is the last unlaunched token from Shiba Inu’s meme brand, enabling access to their newly announced blockchain with Fully Homomorphic Encryption (FHE) technology.” Two months earlier, Shiba Inu collaborated with Zama.ai to implement FHE, which underpins the unique privacy layer named TREAT within the protocol.

Shiba Inu’s Panamanian entity, Shiba Inu Mint S.A., will utilize the funds to construct the TREAT platform. It was pointed out by developers that potential uses of this technology encompass encrypted lending systems, tokenized asset markets, and encrypted machine learning models.

Shiba Inu, a popular memecoin, has achieved impressive growth with a 164% increase in value during the past year. In late December, the coin’s developers introduced an innovative feature: .shib domain names for token holders. Additionally, Shibarium, their layer-2 scaling platform, has amassed over one million users since its launch.

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2024-04-22 17:58