The Sandbox, an Animoca Brands subsidiary, has bought the Uruguayan technology firm Cualit in order to accelerate the development of the Web3 ecosystem and blockchain business.
Shortly after the agreement was announced, the price of The Sandbox’s native token, SAND, increased by about 12% and is now trading at around $1.35.
The Sandbox, one of the most popular blockchain-based online games, has purchased the Uruguayan development technology business Cualit. Both sides pledged to work together to build an infrastructure that would promote creativity in the Web3 and blockchain universes.
Prior to the acquisition, The Sandbox had been collaborating with Cualit and its Co-Founders — the Perez brothers – for over a year. The South American group was named The Sandbox Uruguay after signing the deal.
Following the announcement, the native coin of the blockchain-based game surged. SAND has gained over 12% in the past 24 hours and is presently trading at around $1.35.
Meanwhile, the asset has been considerably impacted by the current crypto collapse and is far from its all-time high of roughly $7.50 established in November.
Cualit has spent the past decade immersed in the blockchain industry. It has provided technology assistance to various firms and projects in Uruguay, as well as campaigning for the country’s digital transformation. As a renamed business, its primary emphasis will be on assisting The Sandbox’s efforts.