Shiba Inu Team Assures SHIB Burns Are Proceeding as Planned, Urges Patience Amidst Delay

Shiba Inu Raises $12 Million for New Token TREAT from International Investors

Shiba Inu, the team behind the widely recognized memecoin, has successfully raised $12 million through the sale of its yet-to-be-released token, TREAT, to non-U.S. venture capital investors. 

Shiba Inu Team Assures SHIB Burns Are Proceeding as Planned, Urges Patience Amidst Delay

The funding round attracted investors such as 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’s announcement on Monday.

Despite some investors like Mechanism Capital and Shima Capital seemingly having U.S. bases, Shiba Inu’s lead developer, Shytoshi Kusama, clarified to The Block, “None of the investors are based in the U.S.,” though he noted that full entity names might remain undisclosed.

Kusama revealed that the fundraising, which began a few months ago, wrapped up earlier this month. He chose not to disclose the valuation, but a source familiar with the deal informed The Block that the investment was structured in tranches valued at $75 million, $100 million, and $200 million.

According to Kusama, the investment round included both pre-seed and seed phases. He also discussed the role of the TREAT token within the Shiba Inu ecosystem. TREAT is set to function as the utility and governance token for Shiba Inu’s new privacy-focused Layer 3 blockchain, which is under development atop Shibarium, its Ethereum Layer 2 blockchain.

Kusama added that TREAT will be the final non-stable token released from the Shiba Inu ecosystem. Additionally, he noted that later this year, the ecosystem plans to introduce a new token named Shi. Current tokens in the ecosystem include SHIB, the primary memecoin; BONE, the governance token of Shibarium; and LEASH, a fixed-supply token for Shiba Inu’s most dedicated users that offers various benefits, including BONE rewards.

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Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: [email protected]

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