The Sandbox gains 30% following mysterious Saudia Arabia partnership
Saudi Arabia signs agreement with The Sandbox — details unknown, but pumps SAND price roughly 30% towards $1 milestone.
Saudi Arabia has signed an agreement with the popular blockchain game The Sandbox, according to a LinkedIn post published on Feb. 7.
Sebastien Borget, co-founder and COO of The Sandbox, said that his blockchain-based virtual world project had signed a memorandum of understanding (MOU) with Saudi Arabia’s Digital Government Authority (DGA).
The agreement was signed during the Leap Tech Conference, which is currently taking place in Riyadh, the capital city of Saudi Arabia.
Borget’s announcement gave few details about the nature of the agreement apart from the fact that the two parties would work together on “metaverse” or VR goals.
The Sandbox’s native token SAND gained roughly 30% following the announcement — rising to $0.93 from $0.71 in a matter of hours. The token is currently among the top 45 largest crypto assets by market capitalization.
The Sandbox is owned by the blockchain group Animoca Brands. It has previously secured agreements with other notable partners, including banks such as HSBC and Standard Chartered, household names like Adidas and Atari, and names in the music industry like Snoop Dogg and Warner Music Group.