Through its entrance into The Sandbox, British bank HSBC has become the latest mainstream financial service to take the plunge into Web3 ongoings. The endeavour comes just one month after its fellow mainstream finance house, JP Morgan, opened up a virtual lounge called ‘ONYX‘ in Decentraland.
Once established in the ever-popular virtual space, the bank intends to acquire a plot of LAND to facilitate the construction of an interactive and engaging space for sports, esports, and gaming enthusiasts to come together and enjoy.
The bank commented on its landmark endeavour in a recent statement, where it stated that The Sandbox platform provides: “great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and for the communities we serve”.
In joining The Sandbox, HSBC becomes the latest addition to an eclectic and accomplished list of platform partners which includes over 200 different companies. Despite such relative dilution, it is widely thought that the acquisition of the banking heavy-weight will add a refreshing and previously-untapped string to The Sandbox’s bow.
The company’s virtual presence is expected to enhance the platform’s integration of global financial infrastructures. In doing so, HSBC and The Sandbox can both reap rewards from the multi-trillion dollar opportunity in which metaverse banking is set to offer, according to international consultancy Accenture.
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