The team behind Shiba Inu has successfully raised $12 million by selling its unreleased token, TREAT. The round, which concluded earlier this month, included participation from prominent firms such as Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures.
Shytoshi Kusama, the lead developer of Shiba Inu, has asserted that none of the investors, including Mechanism Capital and Shima Capital, are based in the United States, despite not disclosing their full entity names.
According to a source with direct knowledge of the matter, the token round, comprising both pre-seed and seed rounds, concluded with a tranched structure over a few months. Additionally, each tranche occurs at valuations of $75 million, $100 million, and $200 million, respectively.
Also read: Cryptocurrency: Top 3 AI Coins To Buy For 2X Profit
TREAT Token: Utility and Governance for Shiba Inu’s New Layer 3 Blockchain
Shiba Inu’s new privacy-focused Layer 3 blockchain will use the TREAT token as its “utility and governance token.” According to Kusama, TREAT will be the final non-stable token in the Shiba Inu ecosystem, with plans to introduce a new token called Shi later this year.
Platforms like CoinGecko and CoinMarketCap have displayed some trading volume for certain TREAT tokens, despite the TREAT token’s non-release. Kusama has labeled these instances as “scams,” highlighting that The Shiba Inu Mint S.A., a Panama corporation, will mint the authentic TREAT token.
Also read: Shiba Inu April End Price Prediction: Can SHIB Delete A Zero?
The SHIB is developing its new Layer 3 blockchain using fully homomorphic encryption (FHE) technology from cryptography company Zama. The new blockchain aims to address multiple issues in crypto, including privacy and trust for Shiba Inu’s extensive community.
To prevent scammers, such as those creating fake TREAT tokens, Kusama has declined to disclose the name of the Layer 3 blockchain.