HSBC, one of the largest European banks with a total of USD 2.4 trillion in assets, announced its intention to purchase a virtual parcel within The Sandbox for an undisclosed amount. The new partners will develop opportunities for users to engage with sports, eSports and gaming enthusiasts, according to a statement from The Sandbox.
Delighted to announce we’ve partnered with @HSBCone 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
We are delighted to announce that we have partnered with HSBC, one of the world’s largest providers of banking and financial services.
This gives us a wealth of opportunities to engage with the global financial services and sports communities in The Sandbox metaverse.
Apparently, andThe banking giant will focus on financial education offerings and “work with our sports partners, brand ambassadors and Animoca Brands to co-create experiences that are educational, inclusive and accessible,” according Suresh Balaji, Marketing Director of HSBC in Asia-Pacific.
This partnership comes at a time when many financial institutions are closing physical branches due to the shift to digital banking, accelerated by the pandemic. Cointelegraph spoke with the newly appointed US CEO of The Sandbox, Mathieu Nouzareth, about his vision for banking in the metaverse.
“Financial education is a major obstacle to building a healthier and more equitable financial future. The game component of The Sandbox is ideal for engaging customers and those curious about important financial concepts in an interesting and novel way.”
He added that he hopes to connect with a “generation accustomed to interacting with all kinds of brands and experiences on digital platforms”. And that financial institutions should not be left behind by other brands and interactive service providers seeking to innovate in the metaverse.
Animoca Brands, parent company of The Sandbox, tweeted what HSBC joins the more than 200 existing associations operating in the metaverse. Other big brands that work with The Sandbox are Warner Music Group, Adidas and Ubisoft.
However, HSBC is not the first bank to enter the metaverse. Last month, JPMorgan officially became Decentraland’s first major bank, opening a virtual headquarters in its metaverse. The global metaverse market is estimated to reach $1 trillion by 2030.
Recently, Cointelegraph Brazil spoke with The Sandbox founder Sebastien Borget, who emphasized the company’s call for decentralization, interoperability, and creator-generated content. “It’s important to us that content you own or create in The Sandbox can be transferred to other open metaverses, and vice versa,” he said.
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