• Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
Tuesday, August 16, 2022
No Result
View All Result
Our Bitcoin News
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
No Result
View All Result
Our Bitcoin News
No Result
View All Result

Sky Mavis obtains $150M investment from Binance, others

News
by Damien Martin
6 April 2022
Sky Mavis obtains $150M investment from Binance, others

Source: Unsplash

Share on FacebookShare on Twitter

Sky Mavis, the creator behind the popular Play-to-Earn game Axie Infinity, has raised $150 million in a funding round led by crypto exchange Binance. The funds raised will be used to restore funds lost in the Ronin bridge exploit.

The Vietnam-based startup has accumulated over $150 million from Binance as the lead investor, with Animoca Brands, a16z, Dialectic, Paradigm, and Accel participating in the round. Combining the investment with Sky Mavis’ own balance sheet funds, the company is aiming to reimburse all users affected by the heist.

“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,” Trung Nguyen, CEO of Sky Mavis, said in a statement.

Ronin network, an Ethereum sidechain that manages data of Axie Infinity, recently suffered one of the largest cryptocurrency heists in history that resulted in some users losing more than $600 million in Ether and USDC. The hacker attacked the Ronin validator nodes, taking control of five of nine nodes required to make transactions.

Soon after discovering the exploit, Sky Mavis paused the Ronin Bridge to prevent any further onslaught on the chain. Per the announcement, the company will reopen the bridge after passing through a security upgrade and several audits, which may take several weeks. However, users are able to withdraw and deposit Ethers using Binance for now.

Tags: featured
Previous Post

Coinbase down 8% as Mizuho analyst doubts NFT efforts

Next Post

DEA’s DEAPcoin Secures Fresh Listing on MEXC Global Crypto Asset Exchange Platform

Damien Martin

Damien Martin

Damien has a rich history in the fintech and business reporting world. He is currently working at OBN to cover the most important news from the blockchain industry.

Related Posts

Shiba Inu Price Prediction

by Damien Martin
3 August 2022

Shiba Inu has had an eventful 2021. To simplify the latest SHIB price prediction, we have divided up the prediction by short term Shiba...

New bipartisan bill seeks to make CFTC official cryptocurrency regulator

New bipartisan bill seeks to make CFTC official cryptocurrency regulator

by Gauri Bhatia
29 April 2022

Some US bipartisan lawmakers have submitted a bill that seeks to foster innovation in the cryptocurrency space and build a...

Animoca Brands establishes joint venture with OneFootBall following $300M round

Animoca Brands establishes joint venture with OneFootBall following $300M round

by Gauri Bhatia
29 April 2022

Hong Kong-based Web 3 giant Animoca Brands has now formed a strategic joint venture with OneFootball, Football news and media...

No Result
View All Result

Recent Posts

  • Shiba Inu Price Prediction
  • Understanding the Tokenomics of ZNT: DeFi protocol Zenith’s official token
  • Huobi Incubator kicks off Web3 Hackathon to foster next generation of Web3 start-ups
  • Huobi Incubator concludes BeWater DevCon 2022 encouraging dialogue amongst developer communities
  • Huobi Global and PrimeEarn provide one of the best experiences and profits
Our Bitcoin News

© 2021 Our Bitcoin News

Navigate

  • Home
  • Press Release
  • Sponsored
  • Our Journalists
  • Advertise
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

Follow Us

No Result
View All Result
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners

© 2021 Our Bitcoin News