Creative Chai Inu Team Secures $12 Million Funding, Unveils L3 Chain and TREAT Token

Creative Chai Inu Team Secures $12 Million Funding, Unveils L3 Chain and TREAT Token

Creative Chai Inu Team Secures $12 Million Funding, Unveils L3 Chain and TREAT Token

According to a report by “The Block”, Shiba Inu, the team behind the meme coin project Shiba Inu, has raised $12 million by selling its unreleased token TREAT to non-US venture capitalists. These investment institutions include Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures.

According to Shiba Inu, the TREAT token is a utility and governance token for its privacy-focused Layer 3 blockchain, which is being built on its Ethereum Layer 2 network called Shibarium. Shytoshi Kusama, the Chief Developer of Shiba Inu, stated that TREAT will be the final non-stablecoin token in the Shiba Inu ecosystem, and added that the ecosystem will launch a new token called Shi later this year.

The existing tokens in the Shiba Inu ecosystem include Shiba Inu (SHIB), the governance token for Shibarium called “Bone” (BONE), and the fixed supply token “Leash” (LEASH), which provides rewards such as BONE to holders. Kusama stated that the TREAT tokens currently displayed on cryptocurrency information platforms like CoinGecko and CoinMarketCap are scams, and the genuine TREAT tokens will be minted by the Panamanian company The Shiba Inu Mint S.A.

Shiba Inu’s new blockchain
Reportedly, Shiba Inu is developing its new Layer 3 blockchain using Zama, a cryptographic company’s fully homomorphic encryption (FHE) technology. Fully homomorphic encryption is considered the “holy grail” of cryptography as it enables end-to-end data encryption, even during processing.

Shiba Inu stated that the goal of this new encrypted chain is to solve many issues in the crypto field, “including privacy and trust concerns for the massive community of Shiba Inu coin, as well as billions of future people interested in cryptocurrencies.” The new blockchain also aims to comply with regulatory requirements. Kusama mentioned that the new blockchain plans to release a testnet in the third quarter of this year and launch the mainnet after “thorough testing.”