The Shiba Inu project team has raised $12 million in funding. They’re working on a layer 3 network with Zama’s homomorphic encryption tech, backed by $73 million.
The test version is set for release in Q3 2024, meeting regulations and prioritizing community security and privacy.
Shiba Inu’s Venture Funding Journey
Shiba Inu secured funding for its project by selling the TREAT token to venture investors. This funding milestone is crucial as the project sets out to develop a new blockchain with a focus on privacy. The blockchain will be built on top of Shibarium, a layer 2 solution created for Ethereum.
Lead developer Shytoshi Kusama highlighted the project’s dedication to privacy and innovation. While Kusama didn’t reveal the full list of investors, he mentioned that none of them are from the United States. He thanked the community for their support and pointed out the project’s diverse ecosystem, covering core technology, gaming, AI, metaverse, DeFi, self-sovereign identity, and encryption.
Kusama mentioned that the fundraising process started months ago and wrapped up in early April. The funding includes both pre- and seed rounds, indicating strong investor interest in Shiba Inu’s vision and technology. Interestingly, TREAT will be the final token in the project’s ecosystem, symbolizing a new phase of development and expansion.
Shiba Inu’s Funding Partnerships and Technological Milestones
Shiba Inu has recently secured funding from big names like Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Labs, Stake Capital, and Comma 3 Ventures. These partnerships show that major investors believe in Shiba Inu’s project and its potential for future growth and innovation.
In August 2023, Shiba Inu reached a major milestone by launching Shibarium, a layer 2 solution meant to make Ethereum transactions faster and cheaper. This was a big step in tackling Ethereum’s scalability issues.
Following the Shibarium launch, Shiba Inu quickly gained popularity, attracting over 100,000 active users in just a week. This growth continued, and by September 2023, the project had surpassed one million active users. These achievements highlight Shiba Inu’s strong technological base and its ability to draw in and keep a large and growing user community.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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