Shiba Inu memecoin project has raised US$12 million from global venture capital firms for its layer 3 blockchain project.

The funding, which was obtained through the sale of the yet-to-be-released TREAT token, saw contributions from Polygon Ventures, Mechanism Capital, and Animoca Brands.

The new blockchain, set to incorporate Fully Homomorphic Encryption for improved privacy, is slated for a testnet launch in the third quarter of 2024, with the mainnet expected to go live following extensive testing.

The investment round was conducted in stages with the project’s valuation reaching up to US$200 million.

The significance of this development lies in its potential to broaden the Shiba Inu ecosystem, which already comprises the SHIB memecoin and other tokens.