• 28 May, 2024
Market News

Shiba Inu Secures $12M for New Crypto Encryption Tech

Shytoshi Kusama, the leader of the Shiba Inu project, has once again captured the attention of the cryptocurrency community with a crucial update. His strategic travels across Hong Kong, Japan, and the United States have culminated in a significant financial milestone for the project. Recently stationed in Los Angeles, Kusama revealed that these movements were part of a successful pitch to secure a substantial $12 million investment from top venture capital firms, including Cypher Capital.

This new funding will drive the development of Shiba Inu’s latest technological endeavor, Fully Homomorphic Encryption (FHE), on the blockchain, which will be facilitated through their upcoming TREAT token. Moreover, this venture has been realized in partnership with Zama, a leader in encryption technology. The initiative aims to position Shibarium, Shiba Inu’s blockchain platform, as a major player in the crypto world, particularly in enhancing security and utility in digital transactions.

Kusama’s enthusiastic tweet hinted at broader implications for the SHIB community, suggesting upcoming expansions and partnerships that could redefine the project’s trajectory. Consequently, the community’s excitement has peaked, with widespread anticipation for new product launches and ecosystem enhancements.

The community’s response has been overwhelmingly positive, with supporters eagerly anticipating the upcoming enhancements and expansions that these new resources will enable. Additionally, speculation about potential partnerships and product launches continues to add to the enthusiasm for Shiba Inu’s future activities.

As of press time, Shiba Inu exhibits a positive trend as the bulls take the lead amid a tight range during the day. Currently, SHIB is exchanging hands at $0.00002735, which is up by over 3% on the daily chart. Over the past week, SHIB has surged by 23%, while the monthly chart displays a decline of 1%.

The Shiba Inu team’s strategic initiatives and recent funding have set the stage for significant technological advancements and community growth, marking a promising new chapter for the cryptocurrency project.

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