Shiba Inu Secures $12M in Funding for Blockchain Development and Ecosystem Expansion

22 views 11:33 am 0 Comments April 22, 2024

The funding will support blockchain development and the expansion of Shibarium, a key component of the Shiba Inu ecosystem.

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 funds were raised through the sale of TREAT, a yet-to-be-released digital asset designed to serve as the governance token of the newly unveiled blockchain technology featuring Fully Hormophorbic Encryption (FHE). The Ethereum-based protocol said the upcoming FHE blockchain is designed to enhance the crypto economy by solving the different challenges plaguing the industry. These include providing privacy and trust for Shiba Inu’s extensive community known as the ShibArmy.

Animoca Brands and Polygon Ventures Joined the Funding Round

According to a shared press release,  the funding was conducted through The Shiba Mint S.A. based in Panama. Leading crypto investment companies that participated in the round include Animoca Brands, Morningstar Ventures, DWF Ventures, Polygon Venture, and Illuminati Digital Capital.

Other companies, such as Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, and Spirit Dao, also contributed to the funding’s success.

The VCs purchased an undisclosed amount of the TREAT token, which was described as Shiba Inu’s final non-stable token. The protocol said the venture capitalists’ involvement alongside their partners would help the network increase its utilities and expand its use cases for the ShibArmy.

“We are excited to gain the support of such powerful V.C.s, angel investors, and brands as we plow towards the completion of this grand decentralized experiment. Through the involvement of these venture capital firms and their strategic partners, we are expanding our network of trusted partners and exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy,” Shiba Inu said.

The funding will be instrumental in fueling various strategic initiatives to enhance the Shiba Inu ecosystem and solidify its position in the crypto space.

The team behind the development of the decentralized finance (DeFi) network plans to use part of the capital to build the FHE blockchain to ensure that Shiba Inu expands beyond just a meme project.

The funding will support blockchain development and the expansion of Shibarium, a key component of the Shiba Inu ecosystem. Shibarium aims to establish itself as a global hub for meme culture, offering a platform for creators and enthusiasts to engage with the Shiba Inu community and contribute to its vibrant ecosystem.

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

Developments and Commitments

Speaking on the developments, Shiba Inu said it is committed to advancing its technology stack and expanding its reach. As a result, the protocol has partnered with D3 to secure a .shib top-level domain.

Similarly, Shiba Inu has engaged in philanthropic endeavors, including collaborations with organizations like the Manny Pacquiao Foundation. The network has also joined memberships within organizations such as the Content Delivery & Security Association (CDSA) to maintain high standards of security and delivery in the media and entertainment industry.