- Shytoshi Kusama secures $12M for Shiba Inu’s blockchain expansion.
- New funding boosts Shibarium, Shiba’s Layer 2 privacy solution.
- Shiba Inu shifts focus to advanced crypto privacy tech.
Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu cryptocurrency project, recently announced a significant $12 million funding round during an exclusive interview at the Token2049 event in Dubai. The funds, raised through major crypto financiers including the Web3-focused venture capital firm Animoca Brands, are earmarked for expanding the Shiba Inu ecosystem.
Shytoshi Kusama highlighted that the investment would fuel the development of their new blockchain protocol and enhance the capabilities of Shibarium, their Layer 2 solution.
So now you know why I kept changing my location while pitching to the smartest minds in our industry.
This is a big day for SHIB as we push forward for encryption and elevate our entire brand.
There's so much in store for the army. I have never been more excited for #SHIB https://t.co/qt1dx6K7ea
— Shytoshi Kusama
(@ShytoshiKusama) April 23, 2024
The investment round drew attention from several high-profile venture capital firms, including Animoca Brands, DWF Ventures, and Polygon Ventures. These firms purchased TREAT, the upcoming utility and governance token that will play a pivotal role in the new blockchain network.
Blockchain Technology and Market Impact
Scheduled to be developed atop Shibarium, a layer-2 solution that enhances Ethereum’s scalability, the new blockchain aims to provide a more secure and private transaction environment. FHE technology, central to the new blockchain, allows for computations on encrypted data without exposing the underlying information, a crucial advancement for maintaining privacy.
This strategic move by Shiba Inu indicates a shift towards addressing broader market needs, particularly the increasing demand for privacy in digital transactions. While initially categorized among meme coins like Dogecoin, Shiba Inu’s pivot towards integrating sophisticated technological features could alter its perception in the cryptocurrency community.
The announcement has already stirred positive reactions in the market, suggesting potential growth for Shiba Inu as it embraces these advanced cryptographic technologies. With this development, Shiba Inu aims to enhance its offering and set new standards for privacy and security within the blockchain space.
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The post Shiba Inu Secures $12M for Privacy-Oriented Blockchain Development appeared first on Crypto News Land.
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