HSBC, a former crypto detractor, has teamed up with The Sandbox to become the world’s first global bank to enter the metaverse.
HSBC, a British bank that has had little to no positive remarks or attitude toward the cryptocurrency business until lately, will team up with The Sandbox to venture into the metaverse.
The new relationship would allow the banking behemoth to “open up a host of opportunities for virtual communities around the world to engage with global financial services providers and sports communities in The Sandbox metaverse,” according to the release from the Animoca Brands division.
In the metaverse, HSBC will purchase virtual real estate in the form of LAND. According to the announcement, it will utilize it to interact and engage with sports, esports, and gaming fans. The following is a statement from HSBC’s Chief Marketing Officer for Asia-Pacific:
“Using immersive technologies such as augmented reality, virtual reality, and extended reality, individuals will experience Web3, the next generation of the Internet, in the metaverse.” We’re foraying into the metaverse thanks to our partnership with The Sandbox, which will allow us to build novel brand experiences for new and existing customers.”
With numerous prominent partnerships in the cryptocurrency field in recent months, The Sandbox has been among the leaders in terms of metaverse adoption. The most recent occurred two weeks ago, and it was with Cube, a K-Pop agency.
It’s worth mentioning that HSBC has previously been skeptical of the bitcoin industry. The banking organization barred UK residents from transferring funds from exchanges to their bank accounts in January of last year.
Only a few months later, the bank’s CEO, Noel Quinn, declared that the bank was “not into bitcoin.”
However, in late 2021, the bank took part in a $200 million fundraising round for Consensys. It also teamed up with Wells Fargo to use blockchain to settle foreign exchange transactions.
The Sandbox is a game-like blockchain-based virtual environment that allows users to create, build, purchase, and sell digital goods. The Sandbox creates a decentralized platform for a healthy gaming community by combining the powers of decentralized autonomous organizations (DAO) with non-fungible tokens (NFTs).
With a 24-hour trading volume of $806,248,621 USD, the Sandbox price is $2.93 USD In the previous 24 hours, the Sandbox has gained 8.62 percent. With a live market cap of $3,341,487,141 USD, CoinMarketCap now ranks 38. There are 1,139,993,229 SAND coins in circulation, with a maximum supply of 3,000,000,000 SAND coins.
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