The Shiba Inu team made a big breakthrough in terms of usage and utility fields when they raised $12 million through the TREAT utility token and administration to develop a new Layer 3 blockchain network. It aims to focus on privacy and other initiatives. A recent update in The Shib Daily revealed an important deal reached by Shytoshi Kusama during the Token2049 event.
Team Shiba Inu has closed a $12 million funding round. The funding involved the team selling their utility and administration token, the TREAT token, to a firm based in Panama.
Among the firms include Animoca Brands, Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, Hercules Ventures, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, and Spirit Dao .
Shytoshi Kusama said the funds will be used primarily to develop Shiba's new privacy-focused blockchain called Zama and ensure their Shibarium blockchain remains in the limelight, while expanding security and regulatory compliance measures. He also revealed that TREAT will be introduced to the crypto market this year. The Shib ecosystem will also introduce a new token called Shi stablecoin at the end of this year.
As a well-known meme token that has grown into a wider ecosystem, including decentralized finance (DeFi) applications and a dedicated blockchain network, Shiba Inu is slowly moving towards its goal of entering the mainstream financial world.
SHIB price jumped 1% after the announcement, with the price now trading at $0.00002705. The 24-hour low and high prices are $0.00002551 and $0.00002761, respectively. However, trading volume has decreased by 27% in the last 24 hours, indicating a decrease in interest among traders.
