Shiba Inu Raises $12M for Privacy-Focused Layer 3 POro

Shiba token coins in various stacks

The team behind Shiba Inu (SHIB) has raised $12M in a funding round to support the development of its upcoming layer 3 blockchain project. The primary objective of the privacy-focused blockchain is to ensure and provide faster transactions and lower fees.  

The investment round was finalized earlier this month, and leading companies such as Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Funds, DWF Ventures, Stake Capital, and Comma 3 Ventures participated.  

Shytoshi Kusama, the lead developer of Shiba Inu, has claimed that none of the investors, including Mechanism Capital and Shima Capital, are from the United States, even though they didn’t reveal their complete entity names.

According to a source familiar with the matter, the token rounds, which include the pre-seed and seed rounds, ended with a tranched round, with each tranche occurring at a valuation of $75 million, $100 million, and $200 million, respectively.  

According to Shiba Inu, the token serves as the “utility and governance token” of its new privacy-focused layer 3 blockchain, which is being built on Shibarium, the project’s Ethereum Layer 2 blockchain.  

Shiba Inu TREAT Token. 

Kusama announced that TREAT will be Shiba Inu’s last non-stable token, with plans to unveil a new token, Shi, later this year. The ecosystem currently features SHIB memecoin, BONE, Shibarium’s governance token, and LEASH, which offers benefits like BONE rewards to loyal users.

Certain TREAT tokens were listed on CoinGecko and CoinMarketCap before their official release, which Kusama called a “scam.” Kusama clarified that the Shiba Inu Mint S.A., a Panama-based corporation, will mint the genuine TREAT token. 

Shiba Inu New Blockchain. 

Shiba Inu utilizes Zama’s fully homomorphic encryption technology for its new Layer 3 blockchain. Zama, the cryptography company behind the technology, recently secured $73 million in funding.   

FHE is considered the “holy grail” of cryptography, which allows for end-to-end data encryption, even during processing. The new blockchain strives to tackle various challenges in the crypto sphere, encompassing privacy and trust concerns for Shiba Inu’s extensive community.  

Additionally, the new blockchain is expected to adhere to regulatory requirements. “It’s important that we maintain a project that conforms to international law while protecting the privacy of data and security of individuals,” Kusama stated. 

The new blockchain plans to launch a testnet in the third quarter of this year and the mainnet “following extensive testing,” according to Kusama.  

According to CryptocurrencyToWatch, Shiba Inu’s live price is currently at $0.00002690 with a market cap of $15.84 billion and a volume of $796.87 million.