The largest bank in the United Kingdom, HSBC, has acquired a parcel of virtual land in The Sandbox metaverse (SAND) to engage with financial-services providers and attract sports communities.
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
Financial details of the deal were not disclosed.
Suresh Balaji, HSBC’s Asia-Pacific marketing director, described the metaverse as “the next generation of the internet.” He said the financial conglomerate sees enormous potential in the technology.
“We are pleased that major organisations such as HSBC are joining The Sandbox’s open metaverse and embracing Web 3.0 culture,” said co-founder and chief operating officer Sebastien Borje.
Following the announcement of the collaboration, the price of the SAND token rose by 10%. As of this writing, it was trading at about $2.92.
The project’s market capitalization stands at $3.3 billion, according to CoinGecko.
In February, the Italian fashion house Gucci acquired a virtual parcel of land in The Sandbox.
In January, Warner Music Group announced the launch of a music-themed park in the project’s metaverse.
In April 2021, HSBC forbade clients of its HSBC InvestDirect platform from purchasing shares of the analytics-software provider MicroStrategy, владеющего 125,051 BTC at the time of publication.
In May, the bank’s chief Noël Quinn said that the conglomerate does not plan to launch a cryptocurrency trading desk or offer them as an investment vehicle.
In September, HSBC’s CEO criticised digital assets and emphasised the institution’s commitment to developing the concept of CBDC CBDC.
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