HSBC Partners The Sandbox, Becomes First Major Bank to Join the Metaverse Bandwagon

Global financial services provider HSBC has entered a partnership with The Sandbox to engage with virtual communities in the metaverse.

HSBC Becomes First Major Bank to Join the Metaverse

HSBC has now joined a growing list of notable partners including Gucci, Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg, Adidas and others collaborating with The Sandbox.

According to the official announcement on Wednesday, The Sandbox will enable HSBC to purchase a parcel of land  in the metaverse virtual realm, which will be created to involve sports, esports and gaming players. The partnership positions HSBC as the first major bank to join the metaverse bandwagon.

Both partners did not reveal the financial terms of the deal.

Founded 157 years ago, HSBC Holdings plc is a British multinational investment bank and financial services holding firm. It serves customers globally across 64 counties. The company has an estimated equity of $206.777 billion and assets of $2.958 trillion as of December 2021.

Commenting on the partnership, Suresh Balaji, Chief Marketing Officer at HSBC, Asia-Pacific, said:

“The metaverse is how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality and extended reality. 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 Metaverse Continues to Grow

Metaverse, a virtual reality space and next-generation internet, has become one of the fastest growing concepts in the crypto world. 

According to a recent estimation from Reports and Data, the global metaverse market size is expected to reach $872.35 Billion by 2028 with a compound annual growth rate (CAGR) of 44.1%, over the forecast period.

Meanwhile, HSBC has always been a big fan of blockchain technology but not an admirer of crypto yet. Last May, the banking giant revealed that it had no plans to offer cryptocurrency services to its clients.