Axie Infinity Developer Sky Mavis Secures $150M Fund led by Binance

Axie Infinity Developer Sky Mavis Secures $150M Fund led by Binance

The blockchain game developer will attempt to recover from the recent hack on the Ronin Network. 

At the end of March, the Ronin Network, which is used by Axie Infinity, suffered from a breach, giving the hacker access to over half a billion worth of digital assets. With the fate of the stolen funds still uncertain, it seems that several large players in the blockchain industry have decided to help Axie Infinity get back on its feet.

Based on the official report, Sky Mavis has received $150 million in funding so that users affected by the Ronin Network hack would be reimbursed, and the development team can improve the network’s security measures.

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The investment round was led by the largest crypto exchange Binance, and supported by several major blockchain investors that include one of Axie Infinity’s largest investors Animoca Brands, alongside a16z, Dialectic, Paradigm, and Accel.

Changpeng Zhao, who is the CEO of Binance, spoke on the recent investment and the current position that the Sky Mavis team is in right now, stating:

"We have seen the tremendous work and growth of the Sky Mavis team since working together on the Axie Infinity project on Binance Launchpad. We strongly believe Sky Mavis will bring a lot of value and growth for the larger industry and we believe it’s necessary to support them as they work hard to resolve the recent incident."

According to the CEO of Sky Mavis Trung Nguyen, after users are reimbursed, Axie Infinity will be implementing new security protocols and "expand the validator set from five to 21", ensuring that the Ronin Network is secure from further attacks.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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