The Shiba Inu project team recently secured $12 million in funding for the development of their layer 3 network. This network will utilize Zama’s homomorphic encryption technology and is set to launch a test version in the third quarter of 2024. The team aims to comply with regulatory requirements while prioritizing the security and privacy of their community.

The funding for this project was raised by selling the TREAT token to venture investors. The new blockchain, built on top of Shibarium, a layer 2 solution for Ethereum, is privacy-focused. Shiba Inu’s lead developer, Shytoshi Kusama, revealed that the list of investors has not been disclosed, but none are based in the United States.

According to Kusama, fundraising efforts began several months ago and were successfully completed in early April. The funding rounds included both pre- and seed rounds, with TREAT being the final token in the ecosystem. Notable investors in Shiba Inu include Polygon Ventures, Mechanism Capital, Big Brain Holdings, and others.

In August 2023, the Shiba Inu team launched the Shibarium mainnet, a layer 2 solution for scaling Ethereum. The active user base quickly grew, exceeding 100,000 within a week and reaching one million users in September 2023. The team continues to innovate and expand their ecosystem to provide a comprehensive suite of services for their community.

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