With the growing craze of metaverses, countries worldwide are competing with each other to become the next “metaverse hub”. After the United Arab Emirates recently showed interest in building their own metaverse, Saudi Arabia has also signed up to join this crypto wagon. Both countries have been exploring policies and investments related to cryptocurrencies, Web3, and the metaverse in recent years.

Sandbox cooperates with Saudi Arabia

According to the latest news, Metaverse gaming platform The Sandbox and Saudi Arabia have signed a memorandum of understanding to collaborate on building various metaverse projects. Sebastien Borget, Co-Founder and Chief Operating Officer of Sandbox took to LinkedIn to announce the news.

Sandbox’s CEO was quoted as saying:

It was a real honor to sign our MOU partnership ceremony with Saudi Arabia Digital Government Authority (DGA) and we look forward to mutually exploring, advising and supporting each other on Metaverse activations!

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Borget and the Saudi Arabian DGA signed the memorandum while in the capital Riyadh for the Leap Tech Conference. And while Borget was unable to disclose any other information about the agreement with the leading Middle East country, he claimed additional details would be provided in the coming weeks.

Sandbox (SAND) price increases

In response to this recent announcement, the price of The Sandbox (SAND) has increased to $0.88 at time of compilation. And according to the crypto market tracker published by CoinGape, this results in a 17% growth over the past 1 hour, as opposed to a 21% jump over the past 24 hours.

In 2021, the company successfully completed a Series B financing round totaling $93 million, led by SoftBank’s Vision Fund. Less than half a year later, the company was rumored to be trying to raise another $400 million in funding, which would have given it a valuation of a whopping $4 billion.

Also Read: This Country Bans Trade in Privacy Coins; Monero and ZCash in trouble?

Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

This post What causes the price of the Sandbox (SAND) to skyrocket by more than 20%?

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