News of a new investment of $400 million is helping one of the market’s largest metaverse coin projects rise in double digits.
Sandbox (SAND) receives 400 million dollars investment
Blockchainn-based metaverse project, which found most of its investments from Animoca Brand Corp, aims to raise 400 million dollars in a new investment round that will increase its value to 4 billion dollars . A Bloomberg report released on the day states that the team behind the initiative is considering raising $400 million in financing from new and existing investors, citing unnamed sources familiar with the situation. While the amount of the fund to be provided is known, no detailed information was given about which companies will undertake the investment. As news about the investment spreads, the project’s native token SAND is rising in double digits. According to CoinMarketCap data, it reached $2.95, up 17% from $2.55.
This round will be followed by the previous round in November last year, when The Sandbox closed a $93 million funding round led by SoftBank. Sources say that the parameters for a possible new fundraising are yet to be determined, but they state that these restrictions may change according to the state of the market.
Metaverse coin project seeks more funding
Sandbox is majority-owned by crypto game maker Animoca Brands, with Japanese venture capitalist SoftBank among its backers. The firm raised $93 million in a Series B round led by SoftBank in November. Meanwhile, big brands like Gucci, Warner Music and more recently global bank HSBC continue to invest in the metaverse. HSBC purchased a stadium at The Sandbox last month to increase engagement with customers.
Sandbox stepped into the blockchain market in 2018 when it introduced a marketplace that allowed users to upload and sell their NFTs. The company has since grown into one of the most popular metaverses and is home to many big brands and celebrities. As we reported on Kriptokoin.com, assumptions that The Sandbox will go public were refuted by chief operating officer and co-founder Sebastien Borgen.
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