Sandbox Soars April 2022 – $4 Billion Valuation After HSBC Buys Land For Gaming And Esports

1 min read

The cryptocurrency reacted positively today as Metaverse firm The Sandbox was valued at over $4 billion – and the price soared by over 13%.

is looking to raise $400 million at a valuation of more than $4 billion, according to a Bloomberg report on Tuesday.

  • The platform is in talks with new and existing investors, the report said, citing people familiar with the matter.
  • The Sandbox is a platform built on the Ethereum blockchain that allows users to buy, sell, trade and own digital assets in a virtual world. Assets are bought and sold in the form of non-fungible tokens (NFTs) and can represent plots of land, cars, art and other property.
  • Among its recent users was global bank HSBC, which last month bought a plot of land in The Sandbox. The bank planned to develop that virtual parcel of land to engage with sports, e-sports and gaming fans on the platform.
  • SAND, the platform’s native token, was priced at $2.82 at the time of writing and boasts a market capitalization of $3.27 billion, according to data by CoinMarketCap.
  • Last November, The Sandbox, which is majority-owned by blockchain gaming firm Animoca Brands, raised $93 million in a Series B funding round that was led by SoftBank.
  • The platform didn’t immediately respond to a request for comment.

Disclaimer: IlluviumFox is a news aggregator site, not a financial advisor. Cryptocurrency is highly volatile and readers are advised to do their own due diligence and consult a financial advisor before making any financial investments. IlluviumFox takes no responsibility for any actions readers may take after reading the articles on this site. IlluviumFox may use affiliate links.

Via this site

Have A Story? Get Featured On Illuviumfox Plus 100+ More Exclusive Crypto News Sites