Shiba Inu (SHIB) team has reportedly raised $12 million to develop a new layer-3 blockchain. The team secured this fund through the sale of its upcoming token, TREAT, to non-US venture capital firms.

Notably, investors included Polygon Ventures, Mechanism Capital, and Animoca Brands, among others.

Shiba Inu Plans to Build a Layer-3 Blockchain on Top of Shibarium

Initiated a few months back, the fundraising concluded earlier this month. According to reports, the team executed fundraising in tranches, reaching valuations of $75 million, $100 million, and $200 million.

The TREAT token will serve as both the utility and governance token of Shiba Inu’s forthcoming layer-3 blockchain. This new platform is being constructed on top of Shibarium, the project’s Ethereum layer-2 blockchain.

Readers should note that the Shiba Inu team has not yet launched the TREAT token. Any other token circulating with the same ticker, are fake.

Highlighting a commitment to privacy, the blockchain integrates fully homomorphic encryption technology from cryptography firm Zama.

The raised funds will be channeled into the development of the layer-3 blockchain. This blockchain is expected to enhance the capabilities of the Shiba Inu ecosystem significantly.

“This new encryption chain aims to address multiple issues in crypto, including privacy and trust for Shiba Inu’s extensive community of tens of millions and the next billion crypto-curious individuals,” Shiba Inu said.

Looking ahead, Shiba Inu plans to expand its ecosystem with the introduction of a new token, Shi. The team has scheduled its release later this year.

Moreover, the launch of the new layer-3 blockchain testnet has been scheduled for the third quarter of this year. A mainnet release will follow after thorough testing.

Currently, the ecosystem includes SHIB, BONE, and LEASH tokens. Each token serves a unique function within the network, with LEASH providing special benefits to Shiba Inu’s most dedicated supporters. Despite the positive developments, there has been no significant impact on the price of SHIB in the past 24 hours.

In a separate yet related development, Shibarium experienced a temporary outage earlier today. Shiba Inu developer – Kaal Dhairya announced the outage on X (Twitter).

He attributed the disruption to networking issues among the validators. Finally, the network is now operational, although some services may remain down.