Shiba Inu Raises $12 Million for Privacy-Focused Layer 3 Blockchain Development
Shiba Inu, the popular meme coin turned ecosystem, has recently made waves in the cryptocurrency world with the announcement of a $12 million funding round for its upcoming privacy-centric Layer-3 blockchain. The news was revealed by Shytoshi Kusama, the lead developer of Shiba Inu, during the Token2049 event, sparking interest and investment in the expanding Shiba ecosystem.
The funding round, which was raised through the TREAT utility and governance token, will be used to construct the new privacy-focused Layer 3 blockchain and other projects within the Shiba ecosystem. The team behind Shiba Inu has made significant progress towards developing use cases and utility for the token, attracting some of the biggest names in the crypto industry and venture capital organizations.
Notable investors in the $12 million funding round include Animoca Brands, Mechanism Capital, Cypher Capital, and many others. Shytoshi Kusama expressed his excitement about the funding, stating that it will be used to create Shiba’s new privacy-based Layer-3 blockchain and strengthen security measures and regulatory compliance within the ecosystem. He also announced the upcoming launch of TREAT in the cryptocurrency industry and the introduction of a new token called Shi stablecoin later this year.
The announcement by Shytoshi Kusama has generated excitement within the Shiba Inu community, with the SHIB price increasing by 1% following the news. Despite a slight decrease in trading activity in the last 24 hours, the overall sentiment towards Shiba Inu and its future developments remains positive.
Shiba Inu, which started as a meme coin, has evolved into a larger ecosystem that includes decentralized finance (DeFi) applications and a specialized blockchain. With the recent funding round and promising new developments on the horizon, Shiba Inu is making its mark in the mainstream financial sector and attracting attention from investors and traders alike.
