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Shiba Inu (SHIB) Gets $12 Million Investment in Token Sale to Build Privacy-Focused Blockchain
Shiba Inu, the Ethereum-based ecosystem represented by the second largest dog-themed token SHIBaccording to a Monday report, it raised $12 million in a token sale round to build its privacy-focused blockchain Press release.
The list of investors participating in the round are Comma 3 Ventures, 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, Mechanism Capital and Spirit Dao, who have all purchased TREAT, the new network’s next utility and governance token.
The deal was concluded by Shiba Inu Mint SA, a Panama-based ecosystem development company, the press release adds.
The fundraising came after CoinDesk reported in February that Shiba Inu developers are working with crypto firm Zama on a new privacy-focused network as well as Shibarium, the ecosystem’s layer 2 blockchain based on Ethereum. The network will be powered by Fully homomorphic encryption (FHE), a privacy tool that allows developers to use data on untrusted domains without having to decrypt it.
SHIB has gained 2.2% in the last 24 hours, in line with the overall market CoinDesk 20 Indexthe advance. It is the 12th largest cryptocurrency with a market capitalization of nearly $16 billion.