Shiba Inu has raised $12 million to build a Layer-3 blockchain

The Shiba Inu Group (SHIB) has reportedly raised $12 million to develop a new Layer-3 blockchain. The group obtained this funding by selling its soon-to-be-issued token, TREAT, to non-US venture capital firms.

Notable investors include Polygon Ventures, Mechanism Capital and Animoka Brands, among others.

Shiba Inu plans to build a layer-3 blockchain on top of Shibarium

The fundraiser, which started a few months ago, ended earlier this month. According to reports, the team has gone through fundraising in stages, reaching estimates of $75 million, $100 million, and $200 million.

The TREAT token will serve as the utility and governance token of Shiba Inu's upcoming Layer-3 blockchain. This new platform is being built on top of Shibarium, the project's Ethereum layer-2 blockchain.

Readers should note that the Shiba Inu team has not yet launched the TREAT token. Any other signal distributed with the same signal is fake.

Emphasizing its commitment to privacy, the blockchain integrates fully homomorphic encryption technology from cryptography company Zama.

Read more: How to buy a Shiba Inu (SHIB) and everything you need to know

The collected funds will be sent to the development of layer-3 blockchain. This blockchain is expected to greatly increase the potential of the Shiba Inu ecosystem.

“This new blockchain aims to solve many issues in crypto, including privacy and trust for the broader Shiba Inu community and the tens of millions and billions of crypto-enthusiastic individuals to come,” Shiba Inu said.

Looking ahead, Shiba Inu plans to expand its ecosystem by introducing a new token, Shin. The team has scheduled a release later this year.

Moreover, the launch of the new layer-3 blockchain testnet is scheduled for the third quarter of this year. A mainnet release will follow after intensive testing.

Currently, the ecosystem includes SHIB, BONE and LEASH tokens. Each token serves a specific function within the network, with LEASH offering special benefits to Shiba Inu's most dedicated fans. Despite the positive developments, there was no significant impact on the price of SHIB in the last 24 hours.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

In a separate but related development, the Shibarium experienced a temporary outage earlier today. Shiba Inu developer – Kaal Dhairya announced the termination on X (Twitter).

He said the outage was due to a network problem between the indexes. Finally, the network is now up and running, although some services may remain down.