Shiba Inu Raises $12 Million for Privacy-Focused Layer 3 Blockchain Development
Shiba Inu, the popular meme coin that has evolved into a larger ecosystem, made waves at the Token2049 event with the announcement of a $12 million funding round for its upcoming privacy-centric Layer-3 blockchain. The news was met with excitement from the Shiba community and sparked interest and investment in the expanding Shiba ecosystem.
Shytoshi Kusama, the lead developer of Shiba Inu, revealed the details of the funding round, which was raised through the TREAT utility and governance token. The investment round included contributions from some of the biggest names in the crypto industry, including venture capital firms like Animoca Brands, Mechanism Capital, and Polygon Ventures.
The funds will be used to create Shiba’s new privacy-focused Layer-3 blockchain, as well as to strengthen security measures and regulatory compliance. Kusama also announced that the Shib ecosystem will be introducing a new token called Shi stablecoin later this year, further expanding the utility and use cases of the Shiba ecosystem.
The announcement of the funding round caused a 1% increase in the price of SHIB, which is currently trading at $0.00002705. While trading activity has declined in the last 24 hours, the news of the funding round has generated excitement among traders and investors.
Overall, Shiba Inu’s latest developments and the announcement of the funding round have positioned the project as a key player in the crypto industry, with promising new developments on the horizon. The Shiba community is eagerly anticipating the launch of the new privacy-focused Layer-3 blockchain and the introduction of the Shi stablecoin later this year.
