Standard Chartered Bank Enters the Metaverse – Standard Chartered Bank is the most recent major financial institution to join the metaverse. The bank has acquired a virtual land at The Sandbox metaverse’s Mega City district, a culture centre built on or inspired by Hong Kong talents.”
Standard Chartered Bank (Hong Kong) Ltd., a subsidiary of Standard Chartered Bank, stated on Tuesday that it has formed a metaverse partnership with The Sandbox, a prominent blockchain virtual game platform.
Standard Chartered is a world leading bank with more than 85,000 employees serving customers in more than 150 countries. It has 776 locations around the world.
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It is the first bank to acquire “virtual land at The Sandbox metaverse’s Mega City neighborhood, a culture centre based on or inspired by Hong Kong talents,” according to the bank. SC Ventures, the Standard Chartered Group’s innovation, fintech investment, and ventures arm, is leading the initiative.
This are the details of the announcement:
“SCBHK will intensively engage its customers, staff, partners, and the IT community in this new and exciting space to explore co-creation opportunities.”
The bank wants to try new things and provide customers new experiences, as well as incorporate “local sports and art communities into the metaverse,” the announcement adds.
Alex Manson, the head of SC Ventures at Standard Chartered, stated:
“We’ve been establishing business models in crypto and digital assets for the past few years, and we see the advent of the metaverse as a significant milestone in the Web3.0 growth.”
JPMorgan Chase, HSBC, and Fidelity Investments are among the other large banks and financial services organizations that have entered the metaverse. JPMorgan and Fidelity chose Decentraland, while HSBC teamed with The Sandbox to enter the metaverse.
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The metaverse is projected to expand greatly in the future. Citi forecasted last month that by 2030, the metaverse might be a $13 trillion opportunity with 5 billion users. Goldman Sachs and Morgan Stanley, two major investment institutions, believe the metaverse might be an $8 trillion opportunity.