British corporate bank HSBC has inaugurated its entry into the metaverse by partnering with the blockchain-based virtual world The Sandbox. This also makes HSBC the first global financial services provider to join The Sandbox, the companies revealed today.
Delighted to announce we’ve partnered with @HSBC, one of the world’s largest international banking & financial services providers! 🤝
Bringing a host of opportunities to engage with global financial services & sports communities in The Sandbox Metaverse.https://t.co/GmQ3lrVmnB
— The Sandbox (@TheSandboxGame) March 16, 2022
As part of the partnership, the banking giant will acquire a plot of virtual property ‘LAND’ in the metaverse platform, which will be later used to “engage and connect with sports, esports, and gaming enthusiasts.”
In addition, the collaboration between the two entities will unravel innovations and developments in the Web3 industry as user demand for metaverse platforms grows. Meanwhile, the press release did not reveal more in-depth information on the partnership.
Sebastien Borget, COO and Co-founder of The Sandbox, said:
“We believe this is the beginning of a broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem.”
“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,” Suresh Balaji, HSBC’s chief marketing officer for Asia-Pacific, said in a statement.
The latest move by HSBC suggests that its stance on cryptocurrencies may have changed. The bank has previously shown skepticism over crypto investments, barring its clients from engaging with MicroStrategy shares in April last year.
At the time, HSBC said that it has no “appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies).”
HSBC has now become the second banking giant to enter the metaverse, the first one being JP Morgan. The bank made its foray into the sector by opening a virtual lounge in blockchain-based platform Decentraland.