Representatives of the Sandbox blockchain company announced that they had raised $400 million. At the same time, the organization was also valued at $4 billion. The company said that they received attention and money from both old and new investors who saw great prospects in the development of a startup.
Bloomberg journalists assured that the funding round is still ongoing. Developers are expected to be able to raise more funds, business valuation may also change. Analysts stressed that much will depend on the further movement of the entire cryptocurrency market and the mood of its participants. At the moment, investors are extremely interested in investing in the development of the metaverse.
Read also: How to Invest in the Metaverse
Representatives of The Sandbox said that the $93 million raised six months ago was successfully spent on expanding the staff and developing new products. Back then, the Series B round was led by SoftBank Vision Fund 2. True Global Ventures, Square Enix, Galaxy Interactive and other major hedge funds took part in the next round of fundraising.
The team of the project creators assured that the funds raised this time will also be used to improve the capabilities of the platform. The chief operating officer and co-founder of The Sandbox, Sebastian Borge, assured that his company will try to make a breakthrough in the development of the metaverse.
He planned to attract young talents among programmers and enter into a number of partnership agreements with major brands.
An earlier edition informed that the UK bank HSBC became the first such financial institution in the world, whose representatives officially acquired virtual lands in the metaverse. They bought digital real estate on The Sandbox platform.
