HSBC, the British banking giant, makes its foray into the metaverse in a cutting-edge partnership with The Sandbox.
With little to no favorable remarks or mindsets toward the cryptocurrency field until lately, the financial behemoth has become the first global lender to enter The Sandbox metaverse, the blockchain gaming firm announced Wednesday.
The alliance creates a slew of new opportunities for virtual communities worldwide to interact with major financial institutions and sports communities in The Sandbox metaverse.
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HSBC Ventures Deep In The Virtual Realm
The global financial services provider will acquire a plot of LAND in The Sandbox metaverse, which will be used to engage and communicate with sports, esports, and gaming fans, as part of the agreement.
The initiative’s precise form was not disclosed, but Suresh Balaji, HSBC’s chief marketing officer for the Asia-Pacific region, said in a statement that:
The metaverse “is how individuals will experience web3, the next generation of the internet.
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The Sandbox has been a trailblazer in the cryptocurrency market in terms of metaverse adoption, with many prominent partnerships over the last several months. The most recent one occurred two weeks ago and involved the K-Pop agency Cube.
The Sandbox collaborates with global brands such as Warner Music Group, Gucci, Snoop Dogg, The Walking Dead, and Adidas.
Crypto total market cap at $1.752 trillion on the daily chart | Source: TradingView.com
Metaverse Seen Hitting $1.5 Trillion Value
Users can connect with and immerse themselves in virtual worlds, with many of these platforms built on blockchain technology.
According to the latest research, the global metaverse sector is expected to rise from $46 billion in 2019 to an astounding $1.5 trillion in 2030.
The Hong Kong and Shanghai Banking Corporation formed the HSBC Group. HSBC operates in 65 countries and territories worldwide, including Asia, North America, Latin America, Europe, the Middle East, and North Africa.
The bank has assets of roughly US$2.95 trillion as of December 31, 2021.
Dubious About Crypto
HSBC has previously been somewhat skeptical of the bitcoin space. It prohibited British residents from transferring funds from exchanges to their banking accounts in January 2021.
After only a few months, the bank’s CEO, Noel Quinn, stated that the firm was “not into crypto.”
However, HSBC invested in a $200 million fundraising round for Consensys late last year.
Additionally, the bank worked with Wells Fargo to settle foreign exchange transactions via blockchain.
Featured image from Galveston County News, chart from TradingView.com