HSBC- one of the biggest banks in Europe- has spoken about its intention to purchase a virtual plot of LAND within The Sandbox. The total assets for the bank are $2.4 trillion- but the purchase amount has been undisclosed. The new partners will be developing multiple opportunities for the users to start engaging with esports, sports, and other gaming enthusiasts, as mentioned in a statement by The Sandbox.
HSBC To Be The Second Bank To Join The Metaverse
The banking giant, HSBC, will also be focusing on the offerings of financial literacy and work with the brand ambassadors, sports partners, and Animoca Brands to replicate experiences that are inclusive, educational, accessible- as mentioned by Suresh Balaji, the chief marketing officer of the bank for the Asia-Pacific region.
The partnership between HSBC and The Sandbox does come at a pretty fortuitous time when several financial institutions across the world are closing their physical branch locations due to the shift to digital banking. This was further accelerated by the pandemic. In an interview with Mathieu Nazareth, the CEO of the Sandbox for the United States, the CEO stated that financial literacy was one of the major obstacles towards building far more equitable and healthier financial futures.
Animoca Brands, which serves as the parent company of the Sandbox, also stated that HSBC would be joining over 200 existing partnerships that have been operating in the metaverse. Other major brands that seem to be working with The Sandbox include Adidas, Warner Music Group, and Ubisoft. However, this is not the first bank to step into the metaverse. Last month saw JP Morgan officially turned into the first major bank in Decentraland- having brought out a virtual lounge in its metaverse.