Axie Infinity developer received $ 152 million in B-Series funding from investors

Sky Mavis, the studio behind the popular game Axie Infinity, has announced a new round of funding for the company.

Sky Mavis announced that it had closed a $ 152 million Series B funding round.

According to the announcement, major investors in cryptocurrencies and blockchains, such as the FTX global exchange and the Andreessen Horowitz venture capital fund, participated in the investment round.

Other investors in the $ 152 million financing round included Accel, Paradigm, Standard Crypto, as well as Fabric Ventures and Samsung Next.

The manufacturer of Axie Infinity stated that he would use these funds to “create economic and financial freedom for players” and added:

“While we have scaled at an astonishing rate, adding institutional investors to our community will allow us to expand our reach, strengthen our legitimacy in terms of regulatory protection, and give us the flexibility to scale aggressively and hire without affecting our AXS.”

AXS tokens

Tuesday’s funding announcement comes the second day after the AXS token reached a new all-time high above $ 155. It is currently trading at $ 132.

The parabolic rise in AXS prices was supported by significant developments, such as massive airdrops and the start of AXS staking.

Axie earned about $ 220 million in September, down from more than $ 342 million reported in August. However, the company recorded more than $ 2.2 billion in total trading volume

Conclusion

Sky Mavis also has plans for major upgrades to its gaming platform and the release of a decentralized Ronin-based exchange. Ronin is ETH’s side chain, which reportedly has $ 4.5 billion already locked in a network with approximately 2 million user wallets.