Axie Infinity developer secures $152M in Series B funding from investors

Sky Mavis, the studio behind the favored Axie Infinity nonfungible token (NFT) recreation, has introduced a recent spherical of funding for the corporate.

In a press release issued on Tuesday, Sky Mavis introduced that it had closed a $152-million Sequence B funding spherical.

In keeping with the announcement, notable crypto and blockchain buyers resembling world alternate large FTX, enterprise capital fund Andreessen Horowitz participated within the funding spherical.

Different buyers within the $152-million funding spherical included Accel, Paradigm, Normal Crypto, in addition to Cloth Ventures and Samsung Subsequent amongst different notable backers.

The Axie Infinity maker stated it was going to make use of the funds to “create financial and monetary freedom for players,” including:

“Whereas we’ve scaled at an astonishing charge, including institutional buyers to our neighborhood will allow us to increase our attain, reinforce our legitimacy with regards to regulatory safety, and can give us the pliability to scale and rent aggressively with out touching our AXS token reserves.”

Tuesday’s funding information comes on the heels of the challenge’s token AXS reaching a brand new all-time excessive above $155 on Monday.

The parabolic AXS value rise has been fueled by vital developments resembling 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. Nonetheless, the corporate has recorded greater than $2.2 billion in whole buying and selling quantity

Associated: Axie Infinity hits a brand new ATH at $155 whereas Bitcoin bulls goal for $50K

Sky Mavis additionally has plans for vital upgrades to its gaming platform and the discharge of its Ronin-based decentralized alternate.

Ronin is the corporate’s Ethereum sidechain that reportedly has $4.5 billion already locked up within the community with about 2 million person wallets.