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- Shiba Inu is reported to have successfully raised $12 million in a strategic venture capital round to support the development of its FHE.
- Shiba Inu’s Shytoshi Kusama has commended the participants, adding that the ecosystem has “crushed expectations”.
Shiba Inu’s (SHIB) advanced approach towards the development of the Fully Homomorphic Encryption (FHE) solutions on Shibarium was recently witnessed in a partnership deal between the SHIB Token and a leading open-source cryptography enterprise Zama. To fast-track this development, Shiba Inu has raised $12 million from non-U.S. strategic partners in a venture capital round.
According to reports, the round was participated by several 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 amount raised would be used to build the new blockchain featuring FHE. Upon successful completion, Shibarium could be the meme center of the world. Experts believe that this could go a long way to expand security and regulatory compliance.
The official press release also discloses that investors invested through the purchase of the “yet-to-be-released” TREAT utility and governance token. TREAT is reported to be the final unreleased token by Shiba Inu meant to unlock the newly announced blockchain. As stated by the team, the blockchain would utilize ZAMA’s FHE technology to solve multiple problems within the crypto while establishing trust and privacy for the tens of millions of members of the community.
Shiba Inu is Growing Exponentially, Says Shytoshi Kusama
Speaking on this was Shiba Inu’s Lead Developer, Shytoshi Kusama. According to him, the community has played an integral role in carrying out the vision of Shiba Inu’s founder Ryoshi. Having commended the support of the VCs, angel investors, and brands, Kusama announced that the ecosystem has exceeded expectations and is increasing exponentially.
We’ve crushed expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption. We are excited to gain the support of such powerful VCs, angel investors, and brands as we plow toward the completion of this grand decentralized experiment. Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy.
Over the past couple of years, Shiba Inu has strived to establish itself beyond the ability of the average meme project with incredible technical updates and real-world solutions. As part of this effort, it has continued to enhance its stack while increasing the usability and portability of its technology in more places.
The plan to change the meme narratives has included sealing philanthropic partnerships with organizations such as Manny Pacquiao Foundation, collaborating with the likes of D3 to gain .shib top-level domain, and gaining membership to organizations such as CDSA (Content Delivery & Security Association).
The bullish sentiment around its development coupled with the post-Bitcoin halving reactions have impacted SHIB’s price, surging by 15% in the last seven days and trading at $0.00002712.
