Memecoins

Shiba Inu Collects $12 Million for Building Encrypted Blockchain Technology

Shiba Inu has secured substantial backing from strategic investors in a $12 million fundraising effort. The Shiba Inu team announced that the raised funds will be used to develop a new encrypted blockchain and enhance their current offerings.
The $12 million was raised by selling the upcoming $TREAT utility token to various venture capital and investment groups, including Mechanism Capital, Animoca Brands, Polygon Ventures, and Shima Capital. These funds will primarily support the creation of a new blockchain based on FHE technology, which aims to address privacy and trust issues commonly found in existing blockchain systems.

Lead developer Shytoshi Kusama emphasized the community’s role in Shiba Inu’s development, stating, “We have transformed the world of crypto by building a comprehensive ecosystem with cutting-edge technology, community engagement, games, AI, metaverse, DeFi, self-sovereign identity, and encryption.” With the support of venture capital, angel investors, and renowned brands, Shiba Inu aims to push the boundaries of decentralized technology and expand its capabilities for the ShibArmy community.

Expect the new blockchain to utilize $TREAT as a governance and utility token, in collaboration with Zama.ai, a company specializing in Fully Homomorphic Encryption (FHE) solutions. This partnership will enhance privacy in blockchain transactions compared to traditional methods. Additionally, the raised funds will contribute to realizing Shib’s vision of a multi-faceted ecosystem with unique technology, community features, games, AI integration, metaverse development, DeFi solutions, self-sovereign identity implementation, and encryption. The initiative will also focus on establishing Shibarium as a prominent hub for meme coins worldwide, while strengthening security and regulatory compliance.

In conclusion, the capital infusion will support the development of a new blockchain based on FHE technology, enhancing privacy and trust in blockchain interactions. The $TREAT token will play a crucial role as both a governance and utility component within this innovative framework, aligning with Shiba Inu’s broader vision to redefine the crypto landscape and establish Shibarium as a central hub for meme coins globally.



More Info

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Company

Get Latest Updates!

    Get all the latest updates on the crypto scene, including access to exclusive airdrops.

    cryptochronicle.xyz @2024. All Rights Reserved.