Shiba Inu (SHIB), the second-most popular meme coin in the crypto industry after Dogecoin (DOGE), has secured $12 million in funding from venture capital firms outside the United States to fuel its ecosystem expansion.

The digital asset TREAT, which functions as the governance token for an upcoming blockchain technology called FHE (Fully Homomorphic Encryption), was used to gather funds. This Ethereum-protocol-supported blockchain is intended to strengthen the crypto economy by addressing various issues prevalent in the industry. Specifically, it aims to ensure privacy and build trust within the large community of Shiba Inu, known as ShibArmy.

Animoca Brands and Polygon Ventures Joined the Funding Round

Based on a joint press statement, the financing was facilitated by The Shiba Mint S.A., which is located in Panama. Notable crypto investment firms that took part in this funding round are Animoca Brands, Morningstar Ventures, DWF Ventures, Polygon Venture, and Illuminati Digital Capital.

Additionally, companies like Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, and Spirit Dao were among those who participated in the financing’s achievement.

Venture capitalists bought a concealed quantity of TREAT tokens, labeled as Shiba Inu’s last non-stable token. According to the protocol, this investment by VCs together with their associates will enhance the network’s functionalities and extend the possibilities for ShibArmy to use it.

“We’re thrilled to have the backing of influential venture capitalists, angel investors, and brands as we work towards finishing our decentralized project. With the help of these venture firms and their associates, we’re broadening our network of reliable partners and significantly enhancing Shiba Inu’s potential for our community, the ShibArmy.” – Shiba Inu team.

Shiba Inu’s Plans for the Funding

The financing will play a crucial role in driving forward key projects that strengthen the Shiba Inu community and secure its presence within the cryptocurrency market.

The creators of the DeFi network’s development team intend to allocate some funds towards constructing the FHE blockchain, with the goal of transforming Shiba Inu from merely a humorous digital currency project into something more substantial.

The financing will be used to advance blockchain technology related to Shibarium, an essential part of the Shiba Inu network. Shibarium aspires to become a prominent international platform for meme creators and fans, enabling interaction with the larger Shiba Inu community and adding to its dynamic ecosystem.

Another focus of the funding is security and regulatory compliance across different jurisdictions.

Developments and Commitments

Shiba Inu announced their plans to enhance their technology and broaden their influence. To accomplish this, they have joined forces with D3 to acquire a “.shib” top-level domain.

Shiba Inu, just like other entities, has been involved in charitable initiatives. For instance, it has partnered with the Manny Pacquiao Foundation. Additionally, Shiba Inu is a member of various organizations such as the Content Delivery & Security Association (CDSA), which helps ensure top-notch security and delivery standards within the media and entertainment sector.

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2024-04-22 14:49