The Sandbox Raises $20 Million in Convertible Debt at $1 Billion Valuation, $SAND Spikes

Jun 6, 2024, 02:50 PM

The Sandbox, a user-generated content metaverse platform, has raised $20 million in convertible debt at a $1 billion market valuation. The funding round was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. The company aims to use the funds to enhance its user-generated multiplayer gaming platform and expand the creator economy within its open metaverse. The announcement has led to a spike in the value of the platform's native token, $SAND. The Sandbox also welcomed new strategic partners as part of this funding round.