Meta Coin The Sandbox (SAND) Explodes (Up 40%) After Softbank Backing

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Last Updated on 2 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Facebook CEO Mark Zuckerberg started a trend last week when he rebranded his company as Meta and send technology companies that develop metaverses already soaring in value.

Several crypto companies already are a few steps ahead of Facebook and therefore saw their respective coins go up in value over the weekend. We discussed MANA and BAT already, and today want to focus on SAND, which stands for the Ethereum-based online world of The Sandbox.

Advertentie.

Series B funding

Given that venture capitalists are interested in going along the latest hype, it is no wonder that The Sandbox announced it was able to raise:

$93 million in a Series B funding in a round led by SoftBank’s Vision Fund 2. The Japanese firm has pushed hard into NFT and crypto investments lately, including leading Sorare’s $680 million raise in September plus Digital Currency Group’s $700 million.

In the CoinMarketCap top 100, The Sandbox made a jump ahead while the coin itself soared by some 40% in a day.

Sebastien Borget, chief operating officer of the company, told Reuters:

We are creating this open metaverse. We are positioning the Sandbox against those giant tech companies who are claiming the metaverse to be theirs, offering an alternative where users are first.

Irina_VIV / Depositphotos.com