Shiba Inu plans to launch layer 3 blockchain

The SHIB development team has fetched $12 million through a fresh and strategic investment round to develop a Shiba Inu layer 3 (L3) blockchain on Shibarium, focusing on privacy and trust.  

Shiba Inu $12M Fundraising

Announced in a Monday press release, the SHIB team achieved this massive funding via the sale of TREAT —a Shiba Inu ecosystem token that is yet to be launched— to several non-United States venture capitalists. 

VCs and angel investors who participated in the TREAT token sale included Comma 3 Ventures, 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, Mechanism Capital, DWF Ventures and Spirit Dao. 

According to the announcement, the funding round was executed through a Panama corporation dubbed The Shiba Inu Mint S.A. Commenting on the successful investment round, the pseudonymous Shiba Inu lead developer said: 

“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.”

Shytoshi Kusama

Read also: Shiba Inu Launches SHIB Name Service on Shibarium. Here’s The Implication

The Planned Shiba Inu L3 Blockchain

Notably, the $12 million raised by the SHIB team will be used for the development of a new privacy-focused blockchain network. To be built on its L2 scaling solution Shibarium, the planned Shiba Inu L3 blockchain will feature a Fully Homomorphic Encryption (FHE) technology developed by Shiba Inu’s partner Zama.ai. 

According to the announcement, FHE is designed to solve privacy and trust problems in the crypto industry, thereby expanding Shiba Inu’s network security and fostering regulatory compliance. 

This positive development showcases Shiba Inu’s push to shed off the memecoin narrative. With the launch of several solutions, such as ShibaSwap, Shibarium, SHIB Metaverse and Shiboshis amongst others, the community-driven project has grown to become a full-fledged blockchain ecosystem. 

To this end, Kusama added: “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.”

Recall that Shiba Inu partnered with the Content Delivery and Security Association (CDSA) last week to tackle several AI-driven concerns, including plagiarism and deepfakes. Before then, the project had its Shibarium network integrated into the Tangem wallet to promote the cold storage of BONE, SHIB and LEASH.

You might also like: TA Expert Makes Bold Prediction For SHIB Price As Shiba Inu Retests Key Support Level

SHIB Sees High Investor Interest

Amid the many strategic partnerships and expansion in the Shiba Inu ecosystem, the SHIB token appears to be seeing increased interest from crypto investors. This is evident in its strengthening market price and burn initiative

Recall that an anonymous whale burned 650,000,000 SHIB tokens in one go last week. Also, the 12th-largest cryptocurrency by market cap has been among the few to record significant gains post-completion of the fourth bitcoin halving

Trading for $0.00002670 per token, SHIB is up over 23% and 180% in the past seven and 60 days, with a market cap of $15.7 billion at the time of writing. However, in the last 24 hours, SHIB has recorded a 1.8% price decline. Will the planned development of the Shiba Inu L3 blockchain increase bullish sentiments on SHIB?

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