• The Shiba Inu group secured $12 million by means of a TREAT token sale to non-US traders together with Polygon Ventures.
• Whereas questions stay about U.S. involvement, lead developer Kusama revealed the investor base.
• TREAT is Shiba Inu’s layer 3 blockchain utility and governance token.

The group behind the Shiba Inu meme coin has secured $12 million by promoting its privately held token, TREAT, to non-US enterprise capital traders. The funding marketing campaign, which started a number of months in the past, included participation from traders together with Polygon Ventures, Mechanism Capital, Large Mind Holdings, Woodstock Fund, and DWF Ventures.

Questions arose in regards to the involvement of US-based traders reminiscent of Mechanism Capital and Sima Capital. Nonetheless, lead developer Shatoshi Kusama, whose full enterprise title stays non-public, clarified that there aren’t any obvious US-based traders.

Kusama declined to offer particular particulars in regards to the valuation, however steered the financing was achieved in installments. These tranches got here at valuations of $75 million, $100 million and $200 million, respectively, the folks stated.

TREAT is Shiba Inu’s upcoming privacy-centric Layer 3 blockchain “utility and governance token.” Kusama highlighted that TREAT would be the final non-stable token inside the Shiba Inu ecosystem and revealed plans to announce a brand new token named Shi later this yr.

Though TREAT is just not presently launched, platforms reminiscent of CoinGecko and CoinMarketCap show buying and selling volumes for particular TREAT tokens. However, Kusama labeled the occasion a “rip-off” and asserted that Shiba Inu Mint SA, a Panama-based firm, will mint real TREAT tokens.

Moreover, Shiba Inu is growing a brand new layer 3 blockchain that leverages absolutely homomorphic encryption (FHE) expertise from crypto firm Zama. FHE stands out as a major advance in encryption, enabling end-to-end information encryption even throughout processing.

Shiba Inu's adoption of FHE expertise goals to handle varied challenges inside the crypto house. This consists of privateness and belief points for its broader neighborhood and the subsequent technology of people all for cryptocurrencies.

To curb fraud, Kusuma has chosen to not disclose the title of the layer 3 blockchain at this stage. The event schedule for the brand new blockchain features a testnet launch within the third quarter of this yr. Kusama then revealed that the mainnet launch will start after thorough testing procedures are accomplished.