April 22, 2024
Shiba Inu's TREAT Project Raises $12M for Privacy Layer
Altcoins News

Shiba Inu’s TREAT Project Raises $12M for Privacy Layer

Shiba Inu, known for its vibrant community and meme-inspired branding, has successfully raised $12 million through a private token sale for its upcoming utility and governance token, TREAT. This fundraising effort underscores growing institutional interest in the cryptocurrency space, particularly in projects with unique offerings like Shiba Inu.

Investors and Token Sale Details

Notable investors participating in the private token sale include Comma 3 Ventures, Big Brain Holdings, Cypher Capital, and other venture capital firms. The sale was open exclusively to investors outside the United States, highlighting the global appeal of Shiba Inu’s vision.

Community Response and Developer Insights

Shytoshi Kusama, the anonymous core developer of Shiba Inu, expressed gratitude for the support, emphasizing the potential for growth and innovation within the project’s ecosystem. Despite maintaining a low profile, Kusama remains dedicated to advancing Shiba Inu’s objectives, as evidenced by recent developments surrounding the TREAT token.

Introduction of TREAT and Privacy Layer Technology

TREAT represents the final unreleased token in Shiba Inu’s portfolio, poised to unlock the project’s newly announced blockchain featuring Fully Homomorphic Encryption (FHE). This innovative technology, developed in partnership with Zama.ai, forms the foundation of Shiba Inu’s novel privacy layer, offering enhanced security and confidentiality for users.

Utilization of Funds and Future Applications

The raised funds will be utilized by Shiba Inu’s Panamanian entity, Shiba Inu Mint S.A., to further develop the TREAT platform. Developers anticipate a range of applications for the technology, including encrypted lending platforms, tokenized asset exchanges, and encrypted machine learning models, highlighting its versatility and potential impact.

Shiba Inu’s Performance and Milestones

Shiba Inu has emerged as one of the top-performing memecoins, boasting a remarkable 164% gain over the past year. Recent initiatives such as Shib domains for tokenholders and the introduction of Shibarium, a layer-2 scaling solution, have contributed to its growing popularity, attracting over 1 million users since its inception.

Conclusion

With the successful fundraising and ongoing development of its privacy layer technology, Shiba Inu continues to cement its position as a leading player in the cryptocurrency space. The infusion of capital from institutional investors underscores confidence in the project’s vision and potential for innovation, signaling exciting times ahead for the Shiba Inu community and beyond.

Image by freepik

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