YEREVAN (CoinChapter.com) — Shiba Inu, a cryptocurrency project best known for its memecoin status, has successfully raised $12 million from several high-profile institutional investors. This financial boost will fund the development of Treat, Shiba Inu’s upcoming privacy layer designed to enhance user confidentiality and security.
Dubbed “Fully Homomorphic Encryption (FHE),” created by software intelligence firm Zama.AI, the layer aims to allow computation on encrypted data without revealing its contents.
No U.S. Investor in Shiba Inu Portfolio
The recent funding round saw participation from a diverse group of venture capital firms, including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, DWF Ventures and Spirit Dao.
Notably, all participating investors are based outside the United States, particularly given the country’s ongoing crypto crackdown.
Future Applications
The Treat platform, managed by Shiba Inu Mint S.A. in Panama, could transform several sectors of digital finance.
The technology could pave the way for encrypted lending platforms and tokenized asset exchanges, ensuring enhanced security and privacy for users. Additionally, encrypted machine-learning models could emerge, further expanding the utility of the Shiba Inu network.
Shiba Inu Price is Booming
Shiba Inu’s trajectory over the past year has been impressive. Its 164% gain underscores its position as a top-performing memecoin.
The introduction of .shib domains and the growth of its layer-2 scaling solution, Shibarium, which now boasts over 1 million users, mark critical milestones for the project.
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