According to CoinDesk, the Manny Pacquiao Foundation (MPF) will begin using the Shiba Inu ecosystem's upstart blockchain, Shibarium, for fundraising and operational activities starting Wednesday. MPF is a California 501(c)(3) nonprofit led by eight-division World Boxing Champion and former Philippine Senator Emmanuel (Manny) Pacquiao. The foundation has been accepting SHIB on its website since 2021.
Jon Sisson, Executive Director of the Manny Pacquiao Foundation, said in a statement that the foundation is dedicated to fighting for those in need around the world and has already helped more than a million people requiring urgent assistance. Shibarium will allow MPF to continue its good work while scaling up operations to help millions more. Shibarium is a layer 2 blockchain built on Ethereum that enables users to transact cheaply on the network. Layer 2 applications are off-chain applications built on top of a 'base' blockchain, typically offering faster speeds and reduced bottlenecks.
Shibarium had a botched launch in August but has since recovered and now processes thousands of transactions daily. The Shiba Inu ecosystem aims to become a serious decentralized finance (DeFi) contender, with its popular SHIB token, themed after the Shiba Inu dog breed and inspired by Dogecoin (DOGE), issued in August 2020. It quickly became one of the largest meme coins by market capitalization.
