HSBC, one of the largest European banks with total assets of 2.4 trillion dollars, has announced its intention to buy a virtual mass of LAND in The Sandbox for an undisclosed amount. According to The Sandbox, the new partners will give users opportunities to interact with sports, e-sports and gaming enthusiasts.

The banking giant will reportedly focus on offering financial expertise and “working with our sporting partners, brand representatives and Animoca Brands to co-create educational, inclusive and accessible opportunities,” said Suresh Balaji, HSBC Asia Marketing Director. The Pacific region.

The partnership comes at a time when many financial institutions are closing physical branches due to the transition to digital banking, which has been accelerated by the pandemic. Cointelegraph spoke with the newly appointed US CEO of The Sandbox, Matthew Nozaret, about his vision for banking in the metaverse.

Financial competence is a major barrier to building a healthier and fairer financial future. The Sandbox game component is ideal for engaging customers and curious viewers with key financial concepts in an interesting and innovative 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 financial institutions need to keep up with other interactive brands and service providers seeking to innovate in the metaverse.

Animoca Brands, the parent company of The Sandbox, tweeted that HSBC is joining more than 200 existing partnerships working in the meta-version. Other major brands working on The Sandbox include Warner Music Group, Adidas and Ubisoft.

Related topics: Sandbox partnership with World of Women to promote and guide women’s education

However, HSBC is not the first bank to enter the meta-verse. Last month, JPMorgan officially became the first major bank in Decentraland by opening a virtual lounge in the Metaverse area. The global metaverse market is estimated to reach $ 1 trillion by 2030.

Cointelegraph Brasil recently spoke with Sebastian Borg, founder of The Sandbox, who highlighted the company’s demands for decentralization, interoperability and creative content. “It is important to us that the content you own or create in Sandbox can be transferred to other open databases and vice versa,” he said.

Source: CoinTelegraph