The Animoca Brands subsidiary – The Sandbox – purchased the Uruguayan technology company Cualit, aiming to accelerate the progress of the Web3 ecosystem and blockchain industry.
Shortly after the deal’s announcement, the price of the native token of The Sandbox – SAND – soared by nearly 12% and is currently trading at about $1.35.
One of the most popular blockchain-based online games – The Sandbox – acquired the Uruguayan development technology firm Cualit. Both parties vowed to join forces and develop an infrastructure that could promote innovations in the Web3 and blockchain universe.
Prior to the deal, The Sandbox has worked closely with Cualit and its Co-Founders – the Perez brothers – for more than a year. After signing the agreement, the South American organization was renamed The Sandbox Uruguay.
The native token of the blockchain-based game headed north following the disclosure. SAND is up by almost 12% in the last 24 hours, trading currently at approximately $1.35.
Still, the asset has been significantly affected by the recent crypto crash and stands far away from its all-time high of around $7.50 registered last November.
Cualit has been deeply involved in the blockchain industry for the last decade. It has aided several companies and projects in Uruguay technologically, as well as lobbying for the digital transformation of the nation. As a rebranded entity, its main focus will switch to supporting The Sandbox’s efforts.
Uruguay is the second South American country where the Animoca Brands subsidiary has expanded after launching a development team in Argentina.
Commenting on the most recent acquisition was Arthur Madrid – CEO and Co-Founder of The Sandbox:
“Uruguay is a fantastic place to invest in technology, and we see a new generation of developers who want to rethink the way we are using and owning our data through the open Metaverse.”
Earlier this week, The Sandbox inked another major agreement – this time with the iconic jazz band Jamiroquai.
The partnership aims to bring the group’s hit song “Virtual Insanity” to The Sandbox’s virtual LAND – a digital piece of real estate in the game’s Metaverse that users can purchase to build experiences on top of it.