Shiba Inu Team Raises $12 Million Through Unreleased Token Sale

According to BlockBeats, the Shiba Inu team has successfully raised $12 million by selling its unreleased token, TREAT, to non-US venture capitalists. The funding round was participated by Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures. Shiba Inu's chief developer, Shytoshi Kusama, stated that the funding round began a few months ago and concluded earlier this month. Kusama declined to comment on the valuation. Sources indicate that this was a phased funding round, with each phase valued at $75 million, $100 million, and $200 million respectively. Kusama also confirmed that the token sale round included a Pre-Seed round and a Seed round. According to Shiba Inu, the TREAT token is the 'utility and governance token' of its new privacy-focused Layer 3 blockchain, which is built on the Ethereum Layer 2 blockchain, Shibarium. Kusama stated that TREAT will be the last non-stable token in the Shiba Inu ecosystem, and that the ecosystem will launch a new token called Shi later this year.