Shiba Inu, creators of the popular memecoin, SHIB has garnered $12 million through the sale of its upcoming token, TREAT, to venture capital investors. The round was led by Animoca Brands and includes other venture capital firms like Polygon Ventures, Mechanism Capital, Shima Capital, Morningstar Ventures, Woodstock Fund, DWF Ventures, and others.

According to Shytoshi Kusama, Shiba Inu's lead developer, they had begun raising for the round a few months ago and it concluded earlier this month. The round consists of both pre-seed and seed rounds.

Shiba Inu's Layer 3 Blockchain

Shiba Inu is leveraging Zama, a cryptography firm, to develop its innovative Layer 3 blockchain which will be privacy-focused. The new layer 3 blockchain will incorporate fully homomorphic encryption (FHE) technology which is a cryptographic privacy-enhancing technology. The integration of FHE to Shiba Inu's new layer 3 blockchain will ensure end-to-end data encryption. This is in a bid to solve some crypto challenges such as privacy and trust. The blockchain will provide faster transactions and lower costs.

"The focus is on ensuring regulatory compliance with the new blockchain," noted Kusama. "It's crucial to uphold a project that adheres to global regulations while safeguarding data privacy and individual security. By enabling individuals to maintain privacy while obtaining credentials for identity verification, our system enhances both security and compliance simultaneously."

This layer 3 network is being built on Shibarium, Shiba Inu's Ethereum layer 2 blockchain which launched late last year.

The layer 3 blockchain testnet is expected to go live in Q3 of this year, after which mainnet will launch (no specified time).

The project has refused to disclose the name of this new layer 3 blockchain in an attempt to stop impersonators and scammers from using the name to scam unsuspecting victims. When it is launched, we'll get to know the name of this new layer 3 blockchain.

Shiba Inu's Layer 3 Blockchain Native Token - $TREAT

$TREAT token is Shiba Inu's layer 3 blockchain native token which will serve as the utility and governance currency for the blockchain. This token joins the list of tokens within Shiba Inu's ecosystem.

$SHIB is the project's first token which started out as a memecoin, $BONE is the layer 2 (Shibarium) governance token, and $LEASH is a fixed supply token distributed to loyal users.

TREAT token sale funded the $12 million raise for this new blockchain.