Memecoin Shiba Inu Raises $12M for Privacy Layer

By  Pratik April 29, 2024

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Things are heating up in the memecoin space, especially with Shiba Inu. The popular canine-themed memecoin has recently made waves with a series of new developments, capturing the crypto community's attention. The team has recently been successful in raising $12 million from a group of prestigious institutional investors to fund the development of Treat—a privacy layer aimed at bolstering user confidentiality and security. The funding round saw participation from a diverse array of venture capital firms, such as Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, and others.

Shiba Inu's Bet on Privacy

The Treat network, operated by Panama-based Shiba Inu Mint S.A., is working towards integrating Fully Homomorphic Encryption (FHE), an innovative technology developed by software intelligence firm Zama.AI. FHE is widely hailed as the "holy grail" of cryptography, facilitating seamless end-to-end encryption of data, even during processing information. This technology empowers computations on encrypted data while keeping its contents concealed, thereby presenting significant potential for revolutionizing sectors such as tokenized asset exchanges, encrypted lending protocols, and encrypted machine-learning models.

The forthcoming privacy-centric network is set to debut on top of Shibarium, the Layer-2 blockchain built for Ethereum. Moreover, the team behind the memecoin confirmed that this new network is designed to adhere to regulatory standards while safeguarding both data privacy and individual security. Therefore, by enabling individuals to maintain privacy while acquiring credentials for identity verification, the team aims to enhance security and compliance measures at the same time.

The TREAT Token

The TREAT token is set to play a crucial role within the network as both its utility and governance token. It represents the last non-stable token to emerge from the Shiba Inu ecosystem before the anticipated introduction of a new token, "Shi", later this year. TREAT will complement the existing tokens within the ecosystem, including the widely recognized SHIB memecoin, as well as BONE and LEASH. According to statements from the team in various interviews, there is a strong likelihood of TREAT being introduced to the public market within the current year.

However, it's worth noting that some obscure TREAT tokens are already circulating on decentralized exchanges (DEXes). It's important to exercise caution, as these tokens are likely scams, and it's advisable to avoid them. Follow official announcements from the Shiba Inu team or subscribe to our Whale newsletter to receive the latest information on all things crypto.

Final Thoughts

Shiba Inu has demonstrated remarkable growth over the past year, with a 165% increase highlighting its status as one of the leading memecoins. The project has made considerable strides, including the launch of .shib domains and the expansion of its layer-2 scaling solution, Shibarium, which now boasts a user base exceeding one million. Although there has been a flood of new memecoins like PEPE, Bonk and dogwifhat, entering the market—Shiba Inu has managed to maintain its prominent position in the sector.

With the introduction of TREAT, Shiba Inu is taking a bold step toward its goal of establishing Shibarium as the "meme center of the world". This initiative not only expands the ecosystem's offerings but also enhances security measures and ensures regulatory compliance. The upcoming network is scheduled to launch its testnet in the third quarter of 2024, followed by its mainnet release.