Sky Mavis revealed a funding round where it raised $150 million, led by Binance and with the participation of companies in the play-to-earn field like Animoca Brands, and other firms like a16z.
Sky Mavis Raises $150 Million in Financing Round Led by Binance to Refund Users Affected by the Ronin Bridge Exploit
Sky Mavis, the company behind the play-to-earn game Axie Infinity, announced it has raised $150 million in a funding round to replenish the funds the company lost in the Ronin Network exploit. The funding round — which was led by Binance and had the participation of companies like Animoca Brands, a16z, Dialectic, Paradigm, and Accel — constitutes part of the actions the company is taking to recover its ecosystem and reimburse users.
The company will also address the limited validator number that was a factor in the exploit. On this, Trung Nguyen, CEO of Sky Mavis, declared: With the support of Binance and other industry leaders, we will be able to quickly expand the validator set from five to 21 validators to ensure the security of the Ronin network.
The Ronin Network bridge, which is still non-operational since the aforementioned exploit, will be reopened once it undergoes new security audits, which Sky Mavis has declared can take several weeks. The company said it is taking security more seriously now, and is undergoing “rigorous internal security measures” to prevent similar new attacks that could have a social element.
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