The Sandbox, a metaverse developer, has reached an agreement with the Saudi Arabian government during the Leap Tech conference held in Riyadh to jointly develop metaverse projects.
Sebastien Borge, co-founder of the project, has said:
"It was a true honor to sign our memorandum of understanding partnership… between The Sandbox and the Saudi Arabia Digital Government Authority. We look forward to exploring, advising and supporting mutually each other in activations of the Metaverse!"
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While the parties have not disclosed the details and areas of interaction under the cooperation, Borge has promised to provide details "in the coming weeks."
The project's native token, SAND, jumped by 25% yesterday after the news broke.
The Sandbox raised $93 million in November 2021, whereas in April 2022, Bloomberg announced the project's plans to close a $400 million funding round at a $4 billion valuation.