Metaverse game platform The Sandbox (SAND) altcoin and Saudi Arabia came to some kind of agreement. Details on the matter were not provided.
SAND Altcoin Founder Says He Will Disclose More Details In The Next Weeks.
Sandbox co-founder and COO Sebastien Borget announced the news on LinkedIn. “It was a real honor to sign our memorandum of understanding partnership between The Sandbox and the Saudi Arabian Digital Government Authority,” he wrote.
“We look forward to mutually exploring, mentoring and supporting each other in metaverse activities!”
Borget and the Saudi Arabian Digital Management Authority signed this memorandum while attending the Leap Tech Conference held in Riyadh, the capital of Saudi Arabia. Borget said via email that his company could not provide further details on its deal with the Saudi Arabian government, but details would emerge “in the coming weeks.”
While Sandbox has yet to develop close to mass adoption, it is considered by many executives and investors to be an early leader in the development of the metaverse. This digital platform is a virtual space where users can create their own mini-universes within the game.
The company raised $93 million in a Series B round led by SoftBank’s Vision Fund in 2021 and is said to be looking to raise another $400 million less than six months later for a $4 billion valuation.
In the Middle East, both Saudi Arabia and the United Arab Emirates have in recent years crypto money, It monitors policies and investments related to web3 and metaverse.
*Not investment advice.
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