Shiba Inu, an Ethereum-based ecosystem featuring the second-largest token SHIB, has successfully raised $12 million in a recent token sale aimed at constructing a privacy-centric blockchain, as per a press release on Monday.

The investment round saw participation from notable investors 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, and Spirit Dao. These investors acquired the new network’s forthcoming utility and governance token, TREAT.

The token sale was conducted by Shiba Inu Mint S.A., an ecosystem development company registered in Panama, according to the press release.

The fundraising initiative follows a previous report by CoinDesk in February, revealing that Shiba Inu developers were collaborating with cryptography firm Zama to develop a privacy-focused network atop Shibarium, the ecosystem’s Ethereum-based layer-2 blockchain. This new network is set to utilize Fully Homomorphic Encryption (FHE), a privacy tool enabling developers to utilize data on untrusted domains without requiring decryption.

SHIB, the associated token, experienced a 2.2% increase over the past 24 hours, mirroring the general uptrend of the CoinDesk 20 Index. With a market capitalization of nearly $16 billion, SHIB currently ranks as the 12th-largest cryptocurrency.

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