Shiba Inu has successfully raised $12 million in a strategic venture capital round to support the development of its Fully Homomorphic Encryption (FHE) on Shibarium. Shytoshi Kusama, the founder of Shiba Inu, expressed his appreciation for the participants and stated that the ecosystem has exceeded expectations.
The partnership between SHIB Token and Zama, a leading open-source cryptography enterprise, showcased Shiba Inu’s advanced approach to FHE solutions. In order to accelerate this development, Shiba Inu secured $12 million from non-U.S. strategic partners through a venture capital round.
The round saw participation from various strategic partners, including Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Comma 3 Ventures, DWF Ventures, and Spirit Dao. The funds raised will be utilized to build a new blockchain that will feature FHE. Upon its completion, Shibarium has the potential to become the hub of memes worldwide. This development is expected to enhance security and regulatory compliance.
The official press release revealed that investors invested in the yet-to-be-released TREAT utility and governance token. TREAT is the final token by Shiba Inu that will unlock the newly announced blockchain. By utilizing ZAMA’s FHE technology, the blockchain aims to solve multiple issues within the crypto community while establishing trust and privacy for millions of members.
Shytoshi Kusama, the Lead Developer of Shiba Inu, expressed his excitement about the exponential growth of the project. He acknowledged the community’s integral role in realizing the vision of Shiba Inu’s founder, Ryoshi. Kusama praised the support from venture capitalists, angel investors, and brands, stating that the ecosystem has surpassed expectations and is rapidly expanding.
Over the past few years, Shiba Inu has worked towards establishing itself as more than just a meme project by introducing technical updates and real-world solutions. The project has continuously improved its technology stack, making it more usable and portable in various settings.
To change the perception surrounding memes, Shiba Inu has formed philanthropic partnerships with organizations like the Manny Pacquiao Foundation, collaborated with D3 to acquire the .shib top-level domain, and joined organizations like CDSA (Content Delivery & Security Association).
The positive sentiment surrounding Shiba Inu’s development, combined with the reactions following the Bitcoin halving, has had a significant impact on SHIB’s price. Over the past seven days, the price of SHIB has surged by 15% and is currently trading at $0.00002712.