Shiba Inu Fetches $12M Investment in a Token Sale to Build Privacy-Focused Blockchain

A press release published on Monday.)

Among the investors taking part in the token sale are 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. Each of these entities has acquired the upcoming utility and governance token TREAT for the new network.

An Panamanian-incorporated ecosystem development firm called Shiba Inu Mint S.A. finished the deal, as stated in the press release.

After CoinDesk revealed in February that Shiba Inu developers were collaborating with cryptography firm Zama, the fundraising ensued. They’re building a privacy-centric network on Shibarium, an Ethereum-based layer-2 blockchain from Shiba Inu. This new network will utilize Fully Homomorphic Encryption (FHE), a sophisticated privacy technology that empowers developers to manipulate data originating from untrusted sources without the need for decryption.

Shib has increased by 2.2% within the last 24 hours, aligning with the growth of the CoinDesk 20 Index. With a market cap approaching $16 billion, it ranks as the twelfth largest cryptocurrency.