Animoca Brands and its subsidiary Bacasable Global Limited, operator of The Sandbox announced that The Sandbox has raised US$20 million of convertible promissory notes with a US$1 billion valuation cap. The strategic funding was led by Kingsway Capital and Animoca Brands with participation by LG Tech Ventures and True Global Ventures. Noteholders have the ability to convert into equity of Bacasable Global Limited at the same terms as existing preference shares.