Axie Infinity developer secures $152M in Series B funding from traders
Sky Mavis, the studio behind the favored Axie Infinity nonfungible token (NFT) sport, has introduced a contemporary spherical of funding for the corporate.
In a statement issued on Tuesday, Sky Mavis introduced that it had closed a $152-million Series B funding spherical.
According to the announcement, notable crypto and blockchain traders akin to world exchange big FTX, enterprise capital fund Andreessen Horowitz participated within the funding spherical.
Other traders within the $152-million funding spherical included Accel, Paradigm, Standard Crypto, in addition to Fabric Ventures and Samsung Next amongst different notable backers.
The Axie Infinity maker stated it was going to make use of the funds to “create economic and financial freedom for gamers,” including:
“While we’ve scaled at an astonishing rate, adding institutional investors to our community will enable us to expand our reach, reinforce our legitimacy when it comes to regulatory protection, and will give us the flexibility to scale and hire aggressively without touching our AXS token reserves.”
Tuesday’s funding information comes on the heels of the venture’s token AXS reaching a brand new all-time excessive above $155 on Monday.
The parabolic AXS worth rise has been fueled by vital developments akin to huge airdrops and the launch of AXS staking.
Axie earned about $220 million in income in September, a major decline from the over $342 million reported in August. However, the corporate has recorded greater than $2.2 billion in complete buying and selling quantity
Related: Axie Infinity hits a brand new ATH at $155 whereas Bitcoin bulls purpose for $50K
Sky Mavis additionally has plans for vital upgrades to its gaming platform and the discharge of its Ronin-based decentralized exchange.
Ronin is the corporate’s Ethereum sidechain that reportedly has $4.5 billion already locked up within the community with about 2 million consumer wallets.