Shiba Inu memecoin raises $12 million from institutional investors.

Canine memecoin project Shiba Inu (SHIB), an unreleased TREAT utility and management token, has raised $12 million from a private token sale.

According to the April 22 announcement, the investors include Coma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoka Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, DWF Ventures and Spirit Dao. All investors participating in the private token sale were outside of the United States.

The Shiba Innu Project aims to expand its network and “Shiba Innu truly enhances what is possible for our community,” said Shiba Innu Executive Editor Shitoshi Kusama.

Kusama has kept a low profile so far this year, according to reports from New York, Japan and the Maldives. However, Kusama says he is on vacation to enjoy himself “just like everyone else.” That said, the original developer resurfaced on Telegram on April 21st. “I put my heart in my soul to do this, and you're a vain bastard who doesn't deserve the breath God gave you,” Kusama responded to the user. Criticism.

At the same time, Shiba Inu staff explained that “TREAT is the latest unreleased token of the popular meme brand that unlocks the newly announced Shiba Encrypt encryption featuring Shiba Encrypt encryption (FHE).” Two months ago, Shiba Inu partnered with Zama.ai to deploy FHE technology, which forms the basis of the protocol's novel privacy layer TREAT.

The funds will be used by Shiba Inu's Panamanian entity, Shiba Inu Mint SA, to build the TREAT platform. Developers have suggested that applications of the technology include encrypted lending platforms, tokenized asset exchanges and encrypted machine learning models.

Shiba Inu is the top performing memecoin with a 164% gain over the past year. Last December, the protocol introduced .shib domains to token holders. Meanwhile, Shibarium, its layer-2 scaling solution, has surpassed more than 1 million users since its inception.

Related: Shibarium Denies Bridge Problems, Calls It FUD