SAND Jumps 12% After Latest Acquisition Of Uruguayan Tech Company

Time Stamp: May 21, 2022 10:40 AM
Source Node: 1320040

SAND jumps 12% after the latest acquisition by Sandbox of the Uruguayan Tech company Cualit. SAND reacted to the news positively as we can see more today in our latest altcoin news.

The Animoca Brands subsidiary The Sandbox purchased the Uruguayan technology company Cualit whcih aims to speed up the progress of the Web3 ecosystem and blockchain industry. After the deal’s announcement, the price of SAND jumps 12% and trades at $1.35. one of the most popular blockchain-based online games acquired Cualit as a development technology company with both parties vowing to join forces and develop an infrastrcuture that can promote innovations in the Web3 and the blockchain universe.

The Sandbox worked closely with Cualit and the co-founders 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 after the disclosure and SAND is up by 12% in the past day, trading at $1.35. the asset has been affected by the recent crash and stands far away from the ATH of $7.50 that was registered in November.

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DOGE 24-hour Price Chart (Source: Coingecko)

Cualit was involved in the blockchain industry for the past 10 years. It aided several companies and projects in the country to develop further and lobbied for the digital transformation of the nation. The main focus will switch to supporting the Sandbox’s efforts. Uruguay is the second South American country where Animoca expanded after launching a development team in Argentina. The CEO of The Sandbox Arthur Madrid added:

“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.”

The Sandbox also made some other agreements like the one with the iconic jazz band Jamiroquai and the partnership hopes to bring the group’s hit song “Virtual Insanity” to the virtual LAND in the metaverse.

According to Sebastien Borget, the chief operating officer and the co-founder, the Sandbox considers another funding round and plans to make some aggressive moves and mergers and acquisitions in 2022. the company doubled the employee count since last year to 200 and aims to grow higher this year.

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