Binance Prepares to Launch IEO for “Sandbox” Supported by Binance Labs in Private

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.

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

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.”

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.