HSBC, a British banking organization with less-than-no positive words and until recently outlook for the cryptocurrency industry, will collaborate with Sandbox to enter the metaverse.
- The announcement from the Animoca Brands subsidiary informs that the new partnership will allow the banking giant to “encapsulate a host of opportunities for virtual communities around the world to engage with global financial service providers and sports communities in The Sandbox Metaverse.”
- HSBC will buy virtual real estate in the metaverse in the form of land. It will use it to connect and connect with sports, esports and gaming enthusiasts, the statement reads. Speaking on the matter, HSBC’s Chief Marketing Officer for the Asia-Pacific region was:
“The Metaverse is how people will experience Web3, the next generation of the Internet – using immersive technologies such as augmented reality, virtual reality and expanded reality. Through our partnership with The Sandbox, we are making our foray into the Metaverse. This allows us to create innovative brand experiences for news and existing customers.
- Sandbox has been one of the leaders in terms of metaverse adoption from the cryptocurrency space, with several notable partnerships over the past several months. The latest came out two weeks ago and was held by K-pop agency – Cube.
- It is worth noting that HSBC has been rather critical of the cryptocurrency space in the past. In January last year, the banking organization barred UK residents from transferring money from exchanges to their banking accounts.
- The bank’s CEO – Noel Quinn – said just months down the line that the institution was “not into bitcoin.”
- However, the bank participated in a funding round for Consensys worth $200 million in late 2021. Additionally, it partnered with Wells Fargo to use blockchain to settle foreign exchange transactions.
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