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Binance Prepares to Launch IEO for "Sandbox" Supported by Binance Labs in Private Investment Round

Binance is to conduct IEO for The Sandbox—a platform that has received investment from Binance Labs and partnered with CryptoKitties, Opera browser and Maker platform

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Binance CZ has taken to Twitter to announce an upcoming IEO (initial exchange offering) to take place on the LaunchPad for a new Sandbox project.

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This gaming project has secured a private investment from Binance Labs and has partnered with fifty major companies, including the renowned Ethereum-based CryptoKittieswhich caused major Ethereum congestion a few years agoOpera browser, Maker and another popular Binance-launched platform, the Matic Network.

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Binance invests in The Sandbox gaming platform

The major exchange has announced its third IEO this year. The Sandbox describes itself as a "community-driven gaming platform that will allow creators to monetize assets and gaming experiences on the blockchain."

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It plans to raise $3 mln through a token offering on Binance LaunchPad on August 13. SAND tokens will be offered through the lottery-ticket IEO format.

The amount of funds that Binance invested in The Sandbox has not been disclosed; the company only mentioned that it was a private investment round.

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About The Sandbox project

The Sandbox set itself a goal to create a virtual space to enable players to monetize their gaming experience using the SAND utility token, as well as non-fungible tokens.

Holding SAND will also allow users to take part in the platform’s governance through a DAO (Decentralized Autonomous Organization).

The company’s CEO and co-founder, Arthur Madrid, stated that the partnership with Binance and its investment has helped The Sandbox to attract more than 2.7 bln new gamers.

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.