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At the LEAP Conference in Riyadh it was announced that the government of Saudi Arabia had signed an MOU with The Sandbox for their mutual benefit.
A mutually beneficial partnership
At a partnership ceremony at the LEAP Conference on Tuesday, the Saudi government entered into a Memorandum of Understanding (MOU) with Metaverse crypto project The Sandbox.
With this move the Saudis have really made their intention clear to explore and develop Metaverse(s) which acknowledges their belief that this is a technology for the future and one not to get behind with.
For The Sandbox’s part this can be an extremely advantageous partnership that can help it forge ahead of the rest of the Metaverse sector.
It’s not actually known as yet how deep the partnership may be as there are no details beyond a formal MOU, but if the Saudis thought there was a need for capital then virtually unlimited funds might be available, although this is just wild speculation at this point.
But then the MOU isn’t just one-way. The Sandbox has been in the metaverse sector a number of years already, giving it plenty of expertise to offer, without even mentioning a number of well-known brand names that have settled in its metaverse, such as Guchi, Time, Warner Music Group, and HSBC among others.
Saudis adopt and promote digital assets
As stated in an article by CoinTelegraph, a Kucoin survey conducted last July highlighted that Saudi Arabia was a significant country for digital asset adoption, partly due to its regulatory environment.
LEAP 2023 brings together 100,000 tech innovators and experts from all over the world for the 4-day conference. Key speakers include: venture capitalist and entrepreneur Tim Draper and retired footballer and investor Thierry Henry among others.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.