The Sandbox (SAND) crypto falls after partnership with KEB Hana Bank

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The Sandbox (SAND) crypto falls after partnership with KEB Hana Bank

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 The Sandbox (SAND) crypto falls after partnership with KEB Hana Bank
Image source: © Kate3155 | Megapixl.com

Highlights:

  • The Sandbox (SAND) is a mobile game developing company launched by Pixowl in 2011.
  • Sandbox has signed an MoU with KEB Hana Bank for banking services in the metaverse.
  • Sandbox’s current market capitalization is US$1.4 billion.

The Sandbox (SAND) token’s trading volume rose over 15% in the last 24 hours to 6:47 am ET on Monday, whereas its price decreased by 4.34% to US$1.13 in the same period.

Despite traction in some digital assets, the overall crypto market is troubled by various negative economic trends, including high inflation and a possible recession. 

On Monday, the Sandbox token price fell after announcing a partnership with South Korea’s KEB Hana Bank for banking services in the metaverse. Established in 1967, the Seoul-headquartered bank provides foreign exchange products in the country. The Sandbox is the second-largest metaverse gaming project by market capitalization, as per Coinmarketcap. 

The Hana Bank aims to position itself as a leading digital banking services provider with its MoU with The Sandbox. The bank plans to launch a virtual branch in The Sandbox metaverse for offering financial services and Korean content. Hana Bank Deputy President Jung Kim said the bank wants to adopt Web3 technology to offer Gen Z clients metaverse products.

The crypto market’s gaming segment fell around 4% on Monday morning, as prices of more than 80% of gaming tokens dropped. The Sandbox is a mobile game developing company launched by Pixowl in 2011. It allows users to create, buy and sell digital assets. The platform incorporates DAO and NFTs to provide digital gaming services. 

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SAND token:

The SAND token’s market capitalization fell to US$1.4 billion after announcing its partnership with KEB Hana Bank. At the same time, its trading volume rose over 15% to US$243.9 million. 

The token’s circulating supply is 1.26 billion, and the total supply is three billion.

Bottom line:

The cryptocurrency market is unregulated; investors should carefully evaluate the projects before investing in digital assets. 

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