1) Creator of Axie Infinity ratchets up financial support from Binance and Andreessen Horowitz in the wake of crushing crypto hack
- Sky Mavis, the blockchain-gaming startup behind Axie Infinity, received a $150M lifeline from existing backers like Andreessen Horowitz, and new investors like Binance.
- The support, paired with funds from Sky Mavis's balance sheet, will be used to reimburse Axie players for their stolen funds in a process that could take up to two years.
- Last month’s breach of Axie’s blockchain Ronin, leading to a loss of $600M, was one of the largest thefts in crypto’s history.
Titan’s Takeaway: As Axie’s developers rush to implement security upgrades, cyber resilience will be integral to the continued operations of the game.
2) Meta could soon introduce coins and tokens for its portfolio of apps, including Horizon metaverse
- Meta is exploring blockchain-based, in-app virtual currencies.
- The work is still in its very early stages. Facebook’s earlier cryptocurrency project Diem (formerly Libra) was abandoned in January 2022.
- According to a Financial Times report, Meta staffers are referring to the digital tokens as “Zuck Bucks.
Titan’s Takeaway: We’ll be interested to see whether “Zuck Bucks” take flight, in reality or in the metaverse. Meta is likely aware that some of its rivals are beating it to the punch on crypto adoption: see TikTok’s creator-led NFT collection, or Twitter’s NFT avatars and crypto tipping.
3) Binance.US pulls in $200M to cross a $4.5B valuation amid hot competition
- Binance’s new valuation is still far less than competitor FTX’s $8B US business.
- Based on spot trading volume on US exchanges, Binance.US currently ranks fourth, with roughly $350M traded over the past 24 hours.
- Coinbase takes the first spot, boasting a daily turnover of $4.3B.
Titan’s Takeaway: Binance’s presence in the US is intertwined with prickly compliance rules and tight scrutiny of crypto-trading firms transacting client funds. As the US regulatory climate clears up, we expect a more crypto-friendly environment will see more American investors enter this space—and the front-running exchanges, like Coinbase, stand to make serious gains.
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