The Shiba Inu memecoin project has secured a notable $12 million in funding from prominent global venture capital firms to support its layer 3 blockchain initiative. This funding, obtained through the sale of the forthcoming TREAT token, saw contributions from respected entities such as Polygon Ventures, Mechanism Capital, and Animoca Brands.

The upcoming blockchain project aims to integrate Fully Homomorphic Encryption to enhance privacy features significantly. The platform is scheduled to launch its testnet in the third quarter of 2024, with the mainnet slated to follow after rigorous testing procedures.

The investment process occurred in stages, culminating in the project’s valuation reaching an impressive $200 million, underscoring investor confidence in its potential for success.

This development holds significant importance as it opens avenues for the expansion of the Shiba Inu ecosystem, which already includes the widely recognized SHIB memecoin and other associated tokens.

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Source: forkast.news

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