The team behind Shiba Inu has successfully raised $12 million by selling its yet-to-be-released TREAT token. The round, which closed earlier this month, saw participation from notable firms including 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, lead developer of Shiba Inu, has asserted that none of the investors, including US-based Mechanism Capital and Shima Capital, have their full entity names disclosed.
According to a source with direct knowledge of the matter, the token round, which included both a seed and a seed extension, closed over a period of months in a tranche structure. Further, each tranche was priced at $75 million, $100 million, and $200 million, respectively.
TREAT Token: Utility and Governance for Shiba Inu’s New Layer-3 Blockchain
Shiba Inu’s new privacy-focused Layer-3 blockchain will utilize the TREAT token as its “governance and utility token.” According to Kusama, TREAT will be the final non-stablecoin token in the Shiba Inu ecosystem, with plans to introduce a new token called Shibarium later this year.
Some trading volume for a TREAT token has been displayed on platforms such as CoinGecko and CoinMarketCap despite the fact that the TREAT token is not yet live. Kusama has labeled these instances as “scams,” emphasizing that only The Shiba Inu Mint SA, a company based in Panama, will mint the legitimate TREAT token.
SHIB is developing the new Layer-3 blockchain using fully homomorphic encryption (FHE) technology from the cryptography company Zama. The new blockchain aims to solve multiple problems within the cryptocurrency space, including privacy and scalability for Shiba Inu’s vast community.
In order to prevent copycats, such as those creating fake TREAT tokens, Kusama has declined to disclose the name of the Layer-3 blockchain.
