SUPERNEWS

Crypto

Shiba Inu's $12M Raise for Privacy Blockchain Spurs 2.2% SHIB Jump

Shiba Inu raises $12M for privacy blockchain, signaling strategic crypto space expansion with investor support.

By Bill Bullington

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4/22, 11:36 EDT
Bitcoin / U.S. dollar
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Key Takeaway

  • Shiba Inu raises $12M in a token sale to develop a privacy-focused blockchain, with notable investors like Animoca Brands and Polygon Ventures.
  • The new network aims to enhance privacy using Fully Homomorphic Encryption on top of Shibarium, its Ethereum-based layer-2 blockchain.
  • SHIB's market value nears $16 billion, gaining 2.2% following the announcement, reflecting positive market reception.

Shiba Inu's Strategic Expansion

Shiba Inu, the Ethereum-based ecosystem known for its SHIB token, has successfully raised $12 million in a token sale aimed at developing its privacy-focused blockchain. This move signifies a strategic expansion for Shiba Inu, leveraging the growing interest in privacy within the crypto space. The fundraising event saw participation from a diverse group of investors, including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, and Animoca Brands, among others. These investors acquired the network's upcoming utility and governance token, TREAT, highlighting the broad support for Shiba Inu's vision.

Privacy-Focused Blockchain Development

The initiative to build a privacy-centric blockchain comes on the heels of a February report by CoinDesk, detailing Shiba Inu developers' collaboration with cryptography firm Zama. Their joint effort focuses on creating a new network atop Shibarium, Shiba Inu's Ethereum-based layer-2 blockchain. This network aims to incorporate Fully Homomorphic Encryption (FHE), a cutting-edge privacy tool that allows for the processing of encrypted data without the need to decrypt it, offering unprecedented privacy and security features.

Market Response and Future Prospects

Following the announcement, SHIB experienced a 2.2% increase in its price over the past 24 hours, mirroring the general uptrend observed in the CoinDesk 20 Index. Currently, SHIB stands as the 12th-largest cryptocurrency, boasting a market capitalization of nearly $16 billion. This positive market response underscores the community and investor enthusiasm for Shiba Inu's new direction towards enhancing privacy and security for its users.