HSBC Enters The Metaverse by Partnering With The Sandbox

HSBC, a British banking organization with little-to-no positive words and approach to the cryptocurrency industry until recently, will collaborate with The Sandbox to foray into the metaverse.

• The announcement from the Animoca Brands subsidiary informed that the new partnership will allow the banking giant to “open up a host of opportunities for virtual communities across the world to engage with global financial services providers and sports communities in The Sandbox metaverse.”
• HSBC will purchase virtual real estate in the metaverse in the form of LAND. It will use it to connect and engage with sports, esports, and gaming enthusiasts, reads the statement. Speaking on the matter was HSBC’s Chief Marketing Officer for the Asian-Pacific region:

“The metaverse is how people will experience Web3, the next generation of the Internet – using immersive technologies like augmented reality, virtual reality, and extended reality. Through our partnership with The Sandbox, we are making our foray into the metaverse, allowing us to create innovative brand experiences for news and existing customers.”

• The Sandbox has been among the leaders in terms of metaverse adoption from the cryptocurrency space, with multiple notable partnerships in the past several months. The latest one came two weeks ago and was with the K-Pop agency – Cube.
• It’s worth noting that HSBC has been rather critical of the cryptocurrency space in the past. In January last year, the banking organization blocked UK residents from transferring funds from exchanges to their banking accounts.
• Just a few months down the line, the bank’s CEO – Noel Quinn – said the institution was “not into bitcoin.”
• However, the bank participated in a funding round for Consensys in late 2021 worth $200 million. Additionally, it partnered with Wells Fargo to use blockchain to settle forex transactions.