Shiba Inu (SHIB), a digital assets and solutions network on the Ethereum (ETH) blockchain, has secured a $12 million investment from a consortium of international venture capital partners.
Among the backers are big names like Mechanism Capital, 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, Comma 3 Ventures, DWF Ventures, and Spirit Dao.
Shiba Inu’s new blockchain
This investment round comes through the purchase of TREAT, Shiba’s upcoming utility and governance token, marking the final non-stable token release for the network.
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TREAT will be native to Shina Inu’s newly announced blockchain, which integrates Fully Homomorphic Encryption (FHE) technology in partnership with Zama.ai.
This encryption is poised to address various challenges in the crypto space, particularly in regard to privacy and trust for tens of millions of users on the SHIB network.
Shytoshi Kusama, the Lead Developer of Shiba Inu, expressed gratitude towards the community, stating
“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.”
He added:
“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.”
Establishing Shibarium as a global meme hub
The funding, facilitated through The Shiba Inu Mint S.A., a Panama-based corporation, will fuel the development of Shiba Inu’s new blockchain to help establish Shibarium as a leading meme hub and bolster security.
Further, Shiba Inu is dedicated to advancing its solutions while ensuring their widespread adoption and applicability, evident in partnerships such as securing a .shib top-level domain with D3 and forging philanthropic collaborations.
Additionally, the project is joining organizations like CDSA (Content Delivery & Security Association), demonstrating its commitment to security and integrity in the media and entertainment sectors.
