PANews reported on June 6 that according to VentureBeat, the virtual world platform The Sandbox raised $20 million in convertible debt financing, bringing its company valuation to $1 billion. The financing was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. The financing was in the form of convertible debt, which allows note holders to convert their debt into equity in Bacasable Global Limited (The Sandbox's parent company) under certain conditions.
It is reported that The Sandbox is developing a decentralized metaverse version for mobile devices, which is expected to be launched in 2025.
