The Sandbox's valuation could grow to $4 billion as the project is reportedly preparing for a $400 million fundraiser.
The Sandbox’s valuation could grow to $4 billion as the project is reportedly preparing for a $400 million fundraiser.
The Sandbox, an Animoca Brand Corp-owned blockchain-based online game, seeks to raise $400 million in a fresh funding round that would put its valuation at $4 billion. The project’s native token soared by double-digits as the reports surfaced.from Bloomberg, citing anonymous people familiar with the matter, said the team behind the project is considering raising $400 million from new and existing investors., when The Sandbox completed a $93 million round led by SoftBank.
Nevertheless, the sources asserted that the conditions around the plausible new fundraiser are not yet set, as they can change depending on the market landscape. The Sandbox has expanded well beyond its initial gaming plans and has outlined intentions to have a Metaverse platform of its own. As such, it managed to attract prominent names such as HSBC.earlier this year, the British banking organization said it wanted to enter the Metaverse as well and collaborated with The Sandbox. Moreover, the bank vowed to purchase virtual real estate in the form of LAND.
Aside from the potential funding round, Sebastien Borgen – chief operating officer and co-founder of The Sandbox – recentlyToday’s Bloomberg report coincided with a substantial price increase of SAND. The asset traded below $2.55 yesterday but soared by 17% to an intraday high of $2.95.
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