Introduction:

The team behind Shiba Inu has gathered $12 million by selling a new digital token called TREAT to investors, mainly from outside the US. They recently revealed a lineup of backers, including Polygon Ventures, Mechanism Capital, and others.

Shiba Inu's latest move marks a significant step in the crypto world. Despite some investors being based in the US, the lead developer clarified that none of them were from there. The fundraising effort began a few months ago and wrapped up earlier this month, setting the stage for future rounds of funding.

Details about TREAT:

TREAT is set to play a crucial role in a fresh Layer-3 network, Shibarium, built on Ethereum's Layer-2 network. It's designed to offer utility and governance functions within the Shiba Inu ecosystem. The team plans to introduce another token, Shi, later this year, making TREAT the final non-stable token in their lineup. Currently, the ecosystem comprises tokens like SHIB, BONE, and LEASH.

Concerns and Developments:

Despite TREAT not yet being officially launched, there have been reports of trading activity for certain TREAT tokens on platforms like CoinGecko and CoinMarketCap, which the team has labeled as fraudulent. The genuine TREAT token is set to be launched by a Panama-based company called Shiba Inu Mint S.A. Additionally, Shiba Inu is working on a new Layer-3 blockchain network using fully homomorphic encryption technology, following a recent funding round.

Conclusion:

The Shiba Inu team's latest fundraising success and their plans for the future signify a significant stride in the crypto landscape. With TREAT and upcoming developments, they aim to address various challenges in the crypto sphere, particularly focusing on privacy and security for their growing community and beyond.