Binance Supports Sky Mavis to Restore Funds on the Ronin Bridge

Source :

  • Binance leads $150M funding to support Sky Mavis after the attack.
  • Axie Infinity’s Ronin lost over $600M in a hacker’s attack on March 23.
  • Axie Infinity now has mass adoption of NFT gaming platforms due to the largest NFT gaming ecosystem by total traded volume.

Binance leads a $150 million USD funding round for Sky Mavis, the developer behind the leading NFT breakout title Axie Infinity, to restore money on the Ronin Bridge. In detail, the funding round was attended by Animoca Brands, a16z, Dialectic, Paradigm, and Accel.

The funds will be used to repay users whose accounts were hacked by the Ronin Validator as Sky Mavis will onboard 21 validators. Furthermore, these validators are to be shared among stakeholders in the Axie community to manage an open-source codebase.

All users will be reimbursed thanks to the new round. The Ronin Network bridge will open after a security upgrade and a series of checks in a few weeks.

Binance has enabled ETH/USDC withdrawals and deposits, to allow the customers to do transactions. Once the Ronin Network bridge is operational, users can easily withdraw their funds.

Binance CEO Changpeng Zhao said that in order for the global ecosystem to continue thriving and maturing, it is imperative that they work together, especially when it comes to security, which is their strong suit.

Sky Mavis and Binance will collaborate on Land NFT sales and the ability to connect to Binance through The Mavis Hub. Trung Nguyen, CEO of Sky Mavis stated:

With Binance supporting us, we will be able to expand the validator set from five to 21 on an expedited timeline, which ensures the security of the Ronin network. As a team, we have made an intentional decision to focus on what lies ahead, starting with tomorrow’s launch of Axie Infinity: Origin. We are also thrilled to collaborate with Binance NFT on future projects.

Axie Infinity has aided in the mass adoption of NFT gaming platforms by having the largest NFT gaming ecosystem by total traded volume. In other news for Axie Infinity players, the most-awaited Origin update is now live in early access!

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