Bloomberg Blockchain-based gaming company, the second largest metaverse player in the world, as reported by The Sandbox (SAND)plans to raise $400 million from both new and existing investors at a valuation of $4 billion.
400 million dollars fund will be collected
The platform said in a statement today that the evaluations continue, and parameters such as size and valuation may change depending on market sentiment and investor interest. Financing news also stimulated the token’s price.
While details on the development are scant at the moment, sources close to Bloomberg said both new and old investors will be involved in the latest round of funding. Bloomberg added that the size of the fund to be raised depends on market trends and investor demand and can be changed.
If the funding round is successful, it will be the largest Sandbox has ever raised in a single funding round. Previously, the highest amount raised was in November as a result of Japanese SoftBank Group’s $93 million investment. According to Crunchbase, previous investors have included True Global Ventures, Square Enix, Galaxy Interactive and Angelhub.
Sandbox COO and co-founder Sebastien Borget said in an interview with Reuters during the Series B funding round that the final round is expected to help the firm grow the metaverse economy beyond games; He said that the project could raise additional funds for recruitment and acquisitions.
What is The Sandbox?
Originally released as a mobile game in 2012 The Sandbox (SAND)was acquired by Hong Kong-based gaming giant Animoca Brands in 2018, which has transformed the platform into a multi-billion dollar project that is now deeply rooted in the metaverse and NFT domains.
Sandbox is a platform built on the Ethereum blockchain that allows users to buy, sell, trade and own assets in a virtual world. Assets are traded in the form of non-fungible tokens (NFTs) and can represent land, cars, artwork and other property.
The rapid rise of the platform, which took place with the metaverse trend influencing 2021, attracted the attention of a number of celebrities and musicians, including rapper Snoop Dogg and Canadian electronic music composers Deadmau5 and Richie Hawton, and the metaverse coin collaborated with many famous artists.
Leading global organizations such as HSBC Bank and South Korean technology giant Samsung have also recently expressed their interest in the project by purchasing metaverse virtual lands of the platform.
SAND price increase
The native token SAND immediately reacted to the news that a new $400 million funding round would take place and remained afloat despite the downtrend on the chart. Following the news, SAND rose from $2.72 to $3.01, the lowest value in the last 24 hours. At the time of writing, SAND is trading at $2.88.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.