- 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.
Read CRYPTONEWSLAND on
google news
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.
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.
Read Also:
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
