Shiba Inu raises $12 million in token round for its new blockchain

Shiba Inu has raised $12 million through a token sale for its new privacy-focused layer 3 blockchain. Animoca Brands and Polygon Ventures are among the investors. It is stated that the fund raised in investment rounds that do not include token sales is close to $400 million.

Shiba Inu raises $12 million in token round for its new blockchain

The team behind Shiba Inu, the meme coin with the highest market capitalization after Dogecoin, has received $12 million in investment through its token called TREAT, which it has not yet issued. The name of the layer 3 blockchain where the TREAT token will be mined is being kept secret to prevent the production of fake tokens with the same name.

The US debate

It was noteworthy that most of the institutions where the token was sold were from outside the US. They include Polygon Ventures, Big Brain Holdings, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital and Comma 3 Ventures.

Shytoshi Kusama, the anonymous Shiba Inu founder, told The Block that none of the investors are US companies. However, Mechanism Capital and Shima Capital are headquartered in the US.

There is a gradual investment of close to $400 million

Kusama also stated that Shiba Inu started receiving investment for this project a few months ago and completed the investment round earlier this month. The Block, on the other hand, citing sources other than Kusama, reported that the non-token investment rounds also included tiered investment rounds of $75, $100 and $200 million, and that this capital was raised. Kusama stated that the token investment round included both “pre-seed” and “seed” rounds.

What is TREAT token?

In the information provided by Shiba Inu for the TREAT token, the phrase “the use and governance token of the privacy-oriented 3rd layer blockchain on Shibarium” was included. As it is known, Shibarium was launched as Shiba Inu’s layer 2 network.

Kusama also said that the TREAT token will be the last non-fixed coin token of the Shiba Inu ecosystem. “Towards the end of the year, we will launch another token called Shi,” Kusama said. Apart from its own token SHIB, the ecosystem also has other tokens called BONE and LEASH.

Fake TREAT tokens are already out…

On the other hand, with the announcement, many tokens called TREAT were issued on various blockchains. Kusama stated that all of these are fake. The 3rd layer blockchain testnet is expected to be launched in the 3rd quarter of this year.

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