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Shytoshi Kusama Secures $12M for Shiba Inu's New Layer-3 Blockchain

Shytoshi Kusama at Token2049, announcing major funding for Shiba Inu's innovative Layer-3 blockchain project.

Tue, 23 Apr 2024, 02:58 am UTC

Shytoshi Kusama announced a $12 million funding round for Shiba Inu's upcoming privacy-centric Layer-3 blockchain at the Token2049 event, sparking interest and investment in the expanding Shiba ecosystem.
Shiba Inu Raises $12 Million to Launch Privacy-Focused Layer 3 Blockchain

Shiba Inu's team has made significant progress toward use cases and utility, raising $12 million through the TREAT utility and governance token to construct its new privacy-focused Layer 3 blockchain and other projects. A recent report on The Shib Daily disclosed a huge deal made by Shytoshi Kusama during the Token2049 event.

According to Shiba magazine (via CoinGape), the Shiba Inu team has concluded a $12 million investment round that included some of the greatest crypto donors and venture capital organizations. The funding round saw the team selling its utility and governance token TREAT token to non-U.S. venture capital firms from Panama-based Shiba Inu Mint SA

These include Animoca Brands, Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, Hercules Ventures, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Spirit Dao.

Shytoshi Kusama stated that the cash will be used primarily to create Shiba's new privacy-based Layer-3 blockchain alongside Zama and guarantee that its Shibarium blockchain remains a priority while strengthening security measures and regulatory compliance. He also announced that TREAT would enter the cryptocurrency industry this year. The Shib ecosystem will also introduce a new token called Shi stablecoin later this year.

Shytoshi Kusama Excites Shiba Inu Community with Promising New Crypto Developments

Shiba Inu lead developer Shytoshi Kusama unveiled a deal-done message in the official Telegram group on Saturday, leaving the Shib Army excited.

“Need some help, everyone. I’m sitting with someone VERY important. Can we give a warm woof? And welcome? Thanks in advance!” Kusama said.

Shiba Inu, a well-known meme coin that has developed into a larger ecosystem that includes decentralized finance (DeFi) applications and a specialized blockchain, is slowly making its way into the mainstream financial sector.

The SHIB price increased by 1% following the announcement and is presently trading at $0.00002705. The current 24-hour low and high are $0.00002551 and $0.00002761, respectively. However, trading activity has declined by 27% in the last 24 hours, indicating a drop in interest among traders.

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