The Sandbox announces collaboration with Saudi authorities.

The Sandbox, the metaverse developer, agreed to collaborate with the Government of Saudi Arabia at the Leap Tech conference in Riyadh. The Block reports.

“For me, it’s a great honour to sign our partnership … between The Sandbox and the Digital Government Authority of Saudi Arabia. We look forward to the opportunity to explore, advise and support each other in activating the metaverse,” said Sebastien Borget, co-founder of the project.

The parties did not disclose details of the cooperation or the areas of interaction within the framework of the partnership. Borget promised to share details in the coming weeks.

The project’s SAND token rose 25% over the past 24 hours.

The Sandbox’s market capitalisation stands at $1.5 billion, according to CoinGecko.

In November 2021, The Sandbox raised $93 million. In April 2022, Bloomberg reported plans to close a funding round of $400 million at a $4 billion valuation.

In January 2023, the SAND token rose by 83.9% — from $0.30 at the start of the month to $0.70 as of February 1.