SAND Price Jumps As The Sandbox Plans $400M Funding Round

The Sandbox is reportedly preparing for a $400 million fundraiser, with the valuation of $4 billion.

The Sandbox, a blockchain-based online game, is planning to raise $400 million in a fresh funding round that valuate it at $4 billion. Amid the news, the project’s native token SAND rallied above $3 from $2.55.

According to a report from Bloomberg, the team behind the project is considering raising $400 million from new and existing investors. The new funding round would follow a previous one from November last year, when company completed a $93 million round led by SoftBank.

According to Bloomberg’s sources the conditions around the possible new round are not clear yet, as they could change depending on the market landscape.

The Sandbox has expanded outside the gaming area and has put forward intentions to have its own Metaverse platform. It has managed to attract big players such as HSBC.

HSBC said earlier this year that they are interested to enter the Metaverse as well and collaborate with The Sandbox. Additionally, the bank has intention to purchase virtual real estate in the form of LAND.

At the time of writing, SAND trades at $3.02, up 10% on the daily chart.