Shiba Inu secures $12 million for layer 3 network development.

The Shiba Inu project team has successfully completed a funding round, raising $12 million.

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The Shiba Inu team is currently developing a layer 3 network utilizing Zama’s homomorphic encryption technology, which has garnered $73 million in investments. A beta version of this network is scheduled to be launched in the third quarter of 2024, aiming to meet regulatory standards while safeguarding community privacy and security.

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The capital was raised through the sale of TREAT tokens to venture capitalists. This new blockchain prioritizes privacy and is constructed atop Shibarium, a layer 2 solution for Ethereum. Shiba Inu’s chief developer, Shytoshi Kusama, has opted not to reveal the full roster of investors, though he confirmed that none are from the United States.

Kusama reported that the fundraising effort began several months prior and concluded in early April, encompassing both pre-seed and seed investment rounds. He also mentioned that TREAT is to be the final token introduced in their ecosystem.

Key investors in Shiba Inu include Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Labs, Stake Capital, and Comma 3 Ventures.

In August 2023, the Shiba Inu team launched the Shibarium mainnet, designed as a layer 2 solution to enhance Ethereum's scalability. Approximately a week following its launch, the platform's active user base surpassed 100,000 and escalated to one million by September 2023.

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