The Shiba Inu development team has successfully raised $12 million for a new cryptocurrency called TREAT. This funding round saw contributions from several high-profile venture capitalists, although none from the United States, as clarified by Shiba Inu’s lead developer, Shytoshi Kusama. Despite the U.S. presence in the investing companies’ home bases, Kusama emphasized the international focus of the investor base.
Investment Details and Future Plans
The recent fundraising efforts were initiated a few months ago and concluded early this month. While Kusama withheld comments on valuation specifics, insider sources revealed planned valuation milestones for subsequent rounds, aiming for $75 million, $100 million, and $200 million. These figures highlight the ambitious financial targets set by the development team for the near future.
Expansion of the Shiba Inu Ecosystem
The new token, TREAT, is designated as both a utility and governance token within a novel Layer-3 network based on the Shibarium, Ethereum‘s Layer-2 network. This development marks TREAT as the last non-stable token to be released in the Shiba Inu series, with another token, Shi, scheduled for launch later this year. The ecosystem already hosts several popular tokens including SHIB, BONE, and LEASH, which cater to various user benefits and governance roles within the community.
Despite TREAT not being officially launched, there have already been reports of trading activity under its name, which Kusama has denounced as fraudulent. He affirmed that the legitimate TREAT tokens would soon be released by Shiba Inu Mint S.A., based in Panama.
Points to Consider
- The $12 million fundraising marks a significant readiness in expanding Shiba Inu’s crypto offerings.
- Future valuation targets set a high growth trajectory for the Shiba Inu ecosystem.
- Investors should remain cautious about premature trading claims of the new TREAT tokens.
In addition to financial expansions, Shiba Inu is also pioneering in technology by developing a new Layer-3 blockchain network. This network focuses on enhancing privacy and security using fully homomorphic encryption (FHE), a cutting-edge technology in cryptography. This initiative aims to safeguard user data comprehensively, even during processing, signaling Shiba Inu’s commitment to addressing core issues of privacy and security in the cryptocurrency realm.
