The Sandbox Considers Another Funding Round With Major Expansion

The sandbox considers another funding round with a bigger expansion plan in mind for this year as we can see more in today’s latest blockchain news.

According to Sebastien Borget, the chief operating officer and the co-founder, the Sandbox considers another funding round and plans to make some aggressive moves and mergers and acquisitions in 2022. the company doubled the employee count since last year to 200 and aims to grow higher this year. The Sandbox is looking towards organizations that are creating compelling metaverse experiences for the users and according to Bloomberg reports, the company has no plans of going public:

“From what I see, most private companies went public after they had hundreds of millions of users. We are very proud to have 2.3 to 2.4 million users right now. Let’s talk again in a few years.”

The Sandbox is mainly owned by blockchain gaming developer Animoca Brands and raised $93 million in 2021 from investors led by SoftBank. Animoca raised $2.5 million in funding for the Sandbox development in 2019. the metaverse platform expanded into virtual events and concerts by selling the digital land and artists and performers as well as tickets to fans. One of the biggest names to use The Sandbox is Snoop Dogg who made his latest music video in the MEtavese and the platform even secured partnerships with some major fashion names and banking recently.

Last month, the International baking giant HSBC partnered with Sandbox to open more opportunities in financial services and sports while it also reported that Animoca Brands’ valuation surged to $5.5 million after a new funding round worth $360 million. The native token for the Metaverse platform hasn’t reacted to the bullish outlook by its COO and the tokens dropped 7%on the day and were trading at $3.2 at the time of writing.

SAND Slipped by 8% over the past week and most of it came from the past few hours with the token being down by 62% from the November high of $8.40. There are around 1.1 billion SAND in circulation from a total supply of 3 million tokens which gives it a market cap of $3.7 billion.

As earlier reported, One of the biggest providers of hardware wallets Ledger partners with Animoca Brands’ subsidiary The Sandbox. The move is expected to help the metaverse users to increase their security and to manage the self-custody of the digital assets. At the Non-fungible conference in Lisbon, the chief experience officer of Ledger Ian c Rogers revealed that the new partnership will bring the security of the wallet creator into the blockchain game.