Sky Mavis, the startup behind popular game Axie Infinity, announced on Wednesday that it has closed a $150 million funding round led by Binance to make up for the $625 million lost in the Ronin Bridge hack.
Sky Mavis possesses raised $150 million in funding.
Previous investors including Animoca Brands, a16z, Dialectic, Paradigm and Accel participated in the funding round. The games company said the new funding round, along with Sky Mavis and Axie Infinity’s balance sheets, will ensure affected users are compensated. It is unclear at what valuation the funds were raised and whether there are any changes in the company’s management.
On March 23, the validator nodes of the Ronin network and Axie DAO were compromised, resulting in the largest cryptographic hack. As a result, Binance and other industry leaders will also increase the number of validators on the Ronin network from 5 to 21, solving a major problem on the network. The Ronin Bridge, which allows users to transfer assets from Ethereum to the game, remains closed for the time being and will only be opened after several security audits.
What Is Axie infinity future hold?
Sky Mavis was about to release Origins, a new edition of their Axie Infinity game with new features, a new design, and a new storyline when the Ronin Network was hacked. Due to the hack, this update has been delayed, although Sky Mavis mentioned in the article that it will be available tomorrow. The main goal of the relaunch is to expand the reach of the brand and offer more to players.
While Sky Mavis shared that Axie has processed far more historical volume than any other game, data from TokenTerminal shows that Axie Infinity’s revenue has plummeted in recent months. It remains to be seen if the launch of Origin can help Axie Infinity make a comeback.