Standard Chartered Bank Enters the Metaverse
Standard Chartered Bank has become the latest major bank to enter the metaverse. The bank has acquired “virtual land at The Sandbox metaverse’s Mega City district, a culture hub based on or inspired by Hong Kong talents.” Standard Chartered Bank Forays Into the Metaverse
Standard Chartered Bank announced Tuesday that its subsidiary, Standard Chartered Bank (Hong Kong) Ltd. (SCBHK), has partnered with The Sandbox, a popular blockchain virtual gaming platform, “to create [a] metaverse experience.”
Standard Chartered is a leading global bank with 85,000 employees serving customers in close to 150 markets worldwide. It has 776 branches globally.
The bank explained that it is the first bank to acquire “virtual land at The Sandbox metaverse’s Mega City district, a culture hub based on or inspired by Hong Kong talents.” The initiative is led by SC Ventures, Standard Chartered Group’s innovation, fintech investment, and ventures arm.
The announcement details: SCBHK will actively engage its clients, partners, staff, and the tech community, to explore co-creation opportunities in this new and exciting space.
The bank aims to experiment and build new experiences for clients, as well as bring “the local sports and art communities into the metaverse,” the announcement adds.
Alex Manson, head of Standard Chartered’s SC Ventures, commented: For the past few years, we have been building business models in crypto, digital assets and see the rise of the metaverse as a critical milestone in the Web3.0 evolution.
Other major banks and financial services firms that have entered the metaverse include JPMorgan, HSBC, and Fidelity Investments. HSBC also partnered with The Sandbox to step into the metaverse, while JPMorgan and Fidelity chose Decentraland.
The metaverse is expected to grow significantly. Last month, Citi predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Global investment banks Goldman Sachs and Morgan Stanley both believe that the metaverse could be an $8 trillion opportunity. Tags in this story Bitcoin, Crypto, Cryptocurrency, Standard Chartered, Standard Chartered Bank, standard chartered bank Hong Kong, standard chartered bank metaverse, standard chartered Metaverse
What do you think about Standard Chartered Bank entering the metaverse? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Samsung Participates in Series A Round That Raised $25 Million for a Metaverse Startup METAVERSE | 1 day ago Report: Japanese Carmakers Toyota and Nissan Enter the Metaverse METAVERSE | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Afghans Use Crypto to Curb Taliban’s Influence on Their Financial Well-Being Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Iran to Increase Penalties for Unauthorized Cryptocurrency Mining