The Shiba Inu team has raised $12 million through the yet-to-be-released TREAT token to facilitate an upcoming layer-3 (L3) privacy blockchain.

In a recent post on X, the Shiba Inu ecosystem content marketer Lucie spotlighted the development, noting that the funds came from an investment round.

Shiba Inu raises $12 million in token round for its new blockchain | The Block https://t.co/HQRzx0bRNQ

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼‍♀️ (@LucieSHIB) April 22, 2024

Shiba Inu’s Latest Fundraising

According to the report, the Shiba Inu development team garnered $12 million by selling TREAT to venture capital investors outside the United States.

These investors comprise big names such as Mechanism Capital, Polygon Ventures, Shima Capital, Big Brain Holdings, Morningstar Ventures, Animoca Brands, DWF Ventures, Woodstock Fund, Comma 3 Ventures, and Stake Capital.

Shiba Inu’s ecosystem leader, Shytoshi Kusama, confirmed the development in a statement. He noted that the fundraising encompasses pre-seed and seed rounds. Furthermore, Kusama disclosed that Shiba Inu initiated the fundraising process several months ago and finalized it in early April.

Meanwhile, he refrained from disclosing specific figures regarding the valuation. However, an anonymous source revealed that the fundraising was structured in three tranches. The valuations for each tranche were reportedly $75 million, $100 million, and $200 million.

Shiba Inu Upcoming L3 Privacy Blockchain

Notably, the fundraising is to expedite efforts to launch Shiba Inu’s privacy-based layer-3 blockchain, which is under development on Shibarium.

Remarkably, Kusama opted not to disclose the name of the upcoming blockchain. The move is to prevent potential scam efforts similar to those who have created fake TREAT tokens ahead of its official launch.

Notably, the Shiba Inu team is developing the new blockchain by leveraging fully homomorphic encryption technology from cryptography firm Zama. Recall that Shiba Inu and Zama allied in February to enhance privacy services for user data management.

According to Kusama, the new blockchain will go live on a testnet in the third quarter of 2024, followed by the mainnet after rigorous testing.

Notably, the TREAT token will be the utility and governance asset for the upcoming privacy-focused blockchain. Meanwhile, Shiba Inu’s leader has revealed that TREAT will be the last risk asset introduced by the Shiba Inu ecosystem.

He reiterated that efforts are in place to unveil a stablecoin dubbed “SHI” before this year ends. Existing Shiba Inu ecosystem tokens include SHIB, BONE, and Doge Killer (LEASH).