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Shiba Inu (SHIB) Raises $12 Million in Funding for Its Novel FHE Blockchain

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Mon, 22/04/2024 - 15:12
Shiba Inu (SHIB) Raises $12 Million in Funding for Its Novel FHE Blockchain
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Participants of recent funding round purhchased not-yet-launched cryptocurrency TREAT, which is said to be the final non-stable token of the SHIB ecosystem.

Shiba Inu (SHIB) completes $12 million funding round backed by tier-1 VCs

Shiba Inu (SHIB), an ecosystem of interconnected blockchain solutions on top of Ethereum (ETH), shares the details of its latest funding round so far. A total of $12 million was secured from a clutch of highly reputable VCs, including Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital and Hercules Ventures.

Animoca Brands, Morningstar Ventures, Woodstock Fund, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Comma 3 Ventures, DWF Ventures and Spirit Dao also supported Shiba Inu (SHIB) in its fundraising efforts.

Technically, these non-U.S. investors purchased the not-yet-released TREAT utility and governance asset, Shiba Inu’s final non-stable token.

TREAT will be a key tokenomic element of the new Shiba Inu blockchain powered by Fully Homomorphic Encryption (FHE). The new chain will be leveraging the FHE technology of the ecosystem's partner, Zama.ai. 

This new encryption chain aims to solve multiple problems in crypto, including privacy and trust for Shiba Inu’s large community of tens of millions, and the next billion crypto-curious individuals. 

Shiba Inu (SHIB) ecosystem scores game-changing partnerships

Shiba Inu’s lead developer, known as Shytoshi Kusama, highlights that the launch of the new blockchain with solid backers will strengthen SHIB's position as an all-in-one blockchain ecosystem:

Shiba Inu started from the vision of our founder Ryoshi and we’ve been so thankful to the community. Together, we have changed the face of crypto as we’ve worked towards that vision. We’ve crushed expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption. We are excited to gain the support of such powerful VCs, angel investors, and brands as we plow towards the completion of this grand decentralized experiment. Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy.

The funding, through the Shiba Inu Mint S.A., will be used by Shiba Inu to build its new blockchain with FHE, ensure its network becomes the largest meme hub of the Web3 world and expand security and regulatory compliance. 

Related

Shiba Inu continues to enhance its stack while increasing the usability and portability of its technology in more places than ever, including partnerships like D3 to gain a .shib top-level domain, philanthropic partnerships with organizations like the Manny Pacquiao Foundation and memberships in organizations like CDSA (Content Delivery and Security Association), the international association of security executives.

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