HSBC Buys Virtual Land in The Sandbox’s Metaverse


Key Takeaways

Longtime crypto critic HSBC announced its foray into the Metaverse today.
The British banking giant has bought virtual real estate in The Sandbox to create innovative brand experiences and engage with sports, esports, and gaming enthusiasts.
The announcement comes weeks after JPMorgan opened a virtual lounge in Decentraland.

Share this article

HSBC, one of the world’s largest banks and financial services organizations, has bought a plot of virtual real estate in The Sandbox’s Metaverse to engage and connect with sports, esports, and gaming enthusiasts.

HSBC Enters the Metaverse

HSBC is expanding its presence to the virtual world.

In a Wednesday press release, the British banking giant announced that it had bought virtual real estate in The Sandbox, one of the crypto space’s leading Metaverse games, to connect and engage with a global audience of sports, esports, and gaming enthusiasts. HSBC Chief Marketing Officer Suresh Balaji said that the bank was making the move in a bid to create innovative brand experiences. “The Metaverse is how people will experience Web3, the next generation of the Internet,” he said. “Through our partnership with The Sandbox, we are making our foray into the Metaverse, allowing us to create innovative brand experiences for new and existing customers.”

While the British bank may be the first global financial institution to buy land in The Sandbox, it’s not the first major bank to make a pivot to embrace blockchain-based virtual worlds. Last month, JPMorgan opened a virtual lounge in Decentraland, another popular Metaverse game built on the Ethereum blockchain.

HSBC’s foray into the Metaverse may come as something of a surprise given the bank’s persistent hostility towards cryptocurrencies  in the past. Last May, HSBC CEO Noel Quin told Reuters that the bank was “not into Bitcoin as an asset class” and had no plans to promote it to its customers through its wealth management business. In 2021, it refused to process cryptocurrency payments, obstructed customers from banking Bitcoin profits, and blocked clients from purchasing Microstrategy stock, the largest corporate holder of Bitcoin, labeling the asset a “virtual currency product.” Moreover, HSBC also blocked credit card payments to the largest cryptocurrency exchange in the world, Binance, citing “possible risks to customers.”

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

NFT Express: Your on-ramp to the world of NFTs

At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…

HSBC “Not Into Bitcoin,” Says CEO

HSBC’s CEO confirms the bank’s doubts about cryptocurrencies.  HSBC’s Aversions to Bitcoin  HSBC has no plans to adopt Bitcoin, the bank’s CEO has confirmed.  Speaking to Reuters, Neil Quinn explained…

HSBC Reportedly Blocking Investments in Key Bitcoin Advocate

HSBC, the world’s sixth-largest bank that has blocked customers from banking Bitcoin profits in the past, has allegedly classified Microstrategy as a “virtual currency product.” HSBC Blocks Clients, Again Microstrategy…

JPMorgan: Metaverse Could Be $1 Trillion Annual Market

JPMorgan has published a paper on the Metaverse, estimating that the emergent virtual space could be a $1 trillion annual market opportunity. The investment bank has also opened a lounge…

Source link

You might also like
Leave A Reply

Your email address will not be published.