Through a private token sale of its in-development TREAT utility and governance token, memecoin project Shiba Inu has raised $12 million.
Spirit Dao, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, and DWF Ventures are among the investors, as stated in the announcement dated April 22.
Every investor participating in the private token sale was present outside the United States.
The involvement of venture capital firms and their collaborators will facilitate the expansion of the Shiba Inu project’s network and “expand the true capabilities of Shiba Inu for our community,” according to Shytoshi Kusama, the unidentified core developer of Shiba Inu.
According to user reports, Kusama has maintained a low profile thus far this year, appearing in New York, Japan, and the Maldives. Nevertheless, Kusama asserts that the purpose of his vacation is to have fun “just like everyone else.” The primary developer, however, reappeared on Telegram on April 21.
Kusama wrote in response to a user’s criticism, “I have poured my entire being into creating this, and you are a useless flop who does not merit the breath that God gave you.”
Concurrently, Shiba Inu staff stated, “TREAT, the last unreleased token from the well-known meme brand, will grant access to the newly announced blockchain of Shiba Inu, which incorporates Fully Homomorphic Encryption.”
Shiba Inu collaborated with Zama.ai two months before implementing the FHE technology, which is the foundation for the novel privacy layer TREAT of the protocol.
Shiba Inu Mint S.A., the Panamian subsidiary of Shiba Inu, will utilize the funds to construct the TREAT platform. Developers identified encrypted lending platforms, tokenized asset exchanges, and encrypted machine learning models as potential technology implementations.
Shiba Inu has exhibited exceptional performance as a meme coin, amassing a 164% increase in value over the previous year. The protocol was introduced.shib domains for its tokenholders in December of last year. In the interim, since its inception, Shibarium, the organization’s layer-2 scaling solution, has amassed more than one million consumers.
