The Sandbox established a partner with giant banking platform HSBC to provide virtual land services and resources to the financial sector.
The Sandbox is a crypto project, which initially entered the crypto industry with its unique concept of the virtual land system but at that time it didn’t grab that level of popularity. But entry of Meta (formerly Facebook), the Metaverse-based project The Sandbox & Decentraland grabbed huge attention and also saw a huge pump in their native tokens’ prices.
On 16 March, The Sandbox announced its partnership with HSBC through its blog post.
The blog post noted that the British bank secured some virtual land of The Sandbox and now it will be used to entertain sports, e-sports, gaming, and finance professionals.
However, the published blog on this partnership doesn’t provided clarity on the actual initiative of HSBC but still hints that HSBC is planning to dive into something like Web3 based user experience.
Suresh Balaji, chief marketing officer for the Asia-Pacific region for HSBC, commented on this initiative of the Bank and unveiled the plan of the Bank in Web3.
“(metaverse) is how people will experience web3, the next generation of the internet…(..)…At HSBC, we see 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.”
The Sandbox is a crypto project, which is a subsidiary of Animoca Brands (a Hong Kong-based gaming company). In November of last year, the company secured $93 million in funds through its fundraising round, which was led by SoftBank Vision Fund.
Such types of activities by big companies are showing the potential of Metaverse and Web3 collaborative use cases, probably these things will give better advantages to the early mover companies.
Recently Payment card company “American Express” filed for 7 Metaverse & NFTs related trademarks registration and hinted that financial companies are going to enter in virtual banking services or some kind of crypto-related services.
Read also: Tennessee based Bitcoin miner found to violate zone laws