According to a report by The Block, the team behind the meme coin project Shiba Inu, Shiba Inu, has raised $12 million by selling its unreleased token TREAT to non-US venture capital firms. These investment institutions include Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures.
According to Shiba Inu, the TREAT token is the utility and governance token of its privacy-focused new Layer 3 blockchain, which is being built on its Ethereum Layer 2 network, Shibarium. Shytoshi Kusama, the Chief Developer of Shiba Inu, stated that TREAT will be the final non-stablecoin in the Shiba Inu ecosystem and added that the ecosystem will launch a new token called Shi later this year.
The existing tokens in the Shiba Inu ecosystem include Shiba Inu (SHIB), the governance token of Shibarium called “Bone” (BONE), and the fixed supply token “Leash” (LEASH), which provides rewards such as BONE to holders. Kusama stated that the TREAT tokens currently displayed on cryptocurrency information platforms like CoinGecko and CoinMarketCap are scams, and the genuine TREAT tokens will be minted by the Panamanian company, The Shiba Inu Mint S.A.
Shiba Inu’s New Blockchain
Reportedly, Shiba Inu is developing its new Layer 3 blockchain using the fully homomorphic encryption (FHE) technology from the cryptography company, Zama. Fully homomorphic encryption is considered the “holy grail” of cryptography as it enables end-to-end data encryption even during processing.
Shiba Inu stated that the goal of this new encrypted chain is to address various issues in the crypto field, “including privacy and trust concerns for the massive community of Shiba Inu coin worth tens of millions and billions of people interested in cryptocurrencies in the future.” The new blockchain also aims to comply with regulatory requirements. Kusama mentioned that the new blockchain plans to release a testnet in the third quarter of this year and launch the mainnet after “thorough testing.”
