Aleksander of Axis Infinity and Sky Mavis clarifies no capital exposure in Silicon Valley Bank and Silvergate

03/11/2023 01:21 • Crypto & Markets • 91 views

On March 11, Aleksander, co-founder and CEO of Axis Infinity and Sky Mavis, clarified that Sky Mavis, Axis Infinity and Ronin Network had no capital exposure in Silicon Valley Bank and Silvergate.

Axis Infinity: no capital exposure in Silicon Valley Bank and Silvergate

Analysis based on this information:

Recently, on March 11, Aleksander – the co-founder and CEO of Axis Infinity and Sky Mavis – issued a clarification on the alleged capital exposure that their companies had in Silicon Valley Bank and Silvergate. He did not mince his words and was resolute in his statement that all three entities had no such capital exposure.

This statement holds great importance for the cryptocurrency world as both Silicon Valley Bank and Silvergate have been seen as the go-to banks for crypto companies in the United States. With the increasing demand and emergence of cryptocurrency companies, these banks have become crucial for providing banking services to this burgeoning industry. However, their involvement in crypto has also attracted regulatory scrutiny, leading to the question of whether they are equipped for handling the volatile and risky nature of crypto markets.

Aleksander’s statement comes as a relief for those associated with Sky Mavis, Axis Infinity, and Ronin Network as the alleged capital exposure could have implications for their ongoing projects. Sky Mavis is known for its popular blockchain game, Axie Infinity, which has seen a surge in its popularity, with its in-game cryptocurrency, AXS, reaching an all-time high of $5.42. Axis Infinity is a blockchain gaming studio that focuses on creating games that feature unique mechanics and reward systems using blockchain technology. Ronin Network is a scaling solution that is built on Ethereum and provides faster, cheaper, and more user-friendly transactions.

The statement made by Aleksander reinforces the importance of transparency and accountability in the crypto industry. As the industry continues to evolve, it is imperative that companies remain compliant with regulations and operate with utmost integrity to maintain credibility and sustain growth.

In conclusion, Aleksander’s clarification on the lack of capital exposure in Silicon Valley Bank and Silvergate by Sky Mavis, Axis Infinity, and Ronin Network provides much-needed relief for those associated with the companies. It also highlights the importance of transparency and compliance in the cryptocurrency industry as a whole.

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