At the Leap Tech conference in Riyadh, meta-universe developer The Sandbox accepted an offer to cooperate with the Saudi Arabian Digital Government Authority (DGA).
Sandbox co-founder and chief operating officer Sebastian Borge, one of the founders of the project, expressed his delight at the signing of the partnership between them:
"We look forward to the opportunity to estimate, advise and help each other in creating a metaverse," he said.
The fact that Saudi Arabia has acted as a partner comes as no surprise because of the rapid adoption of Web3 in the Middle East. Saudi Arabia and the United Arab Emirates are leading in this regard due to their rules and investments related to Web3, cryptography and the metaverse.
Neither side mentioned specific details and areas of cooperation. However, Borge promised that more information will be made public "in the coming weeks".
It is worth noting that The Sandbox managed to raise $93 million in a series B round led by Vision Fund SoftBank in 2021. In April 2022, Bloomberg reported, they intend to complete a $400 million funding round at an estimated cost of $4 billion.
In addition, the SAND token has risen 83.9% since January 2023, starting at $0.3 and reaching $0.7 on February 1.
