HSBC Enters the Metaverse With The Sandbox Partnership

International banking giant HSBC has made a move into the metaverse with its latest partnership.

Leading metaverse platform The Sandbox has announced a partnership with multinational banking corporation HSBC. On March 16, The Sandbox stated that the global finance giant will acquire a plot of LAND in its metaverse.

Furthermore, HSBC intends to use its virtual plot not to offer banking services but to “engage and connect with sports, e-sports and gaming enthusiasts.”

No Metaverse Banking

The move is a little bizarre since traditional banks generally frown upon decentralized cryptocurrencies as they are a threat to their business model. However, the partnership does open the door for other global institutions to continue innovating in Web3, it added.

HSBC’s Chief Marketing Officer for Asia-Pacific, Suresh Balaji, said that Web3 will be the next iteration of the internet, before adding:

“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.”

Sebastien Borget, COO and co-founder of The Sandbox, stated that they believe this is the beginning of a “broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem.”

HSBC joins over 200 existing partners already operating in the metaverse. These include Gucci, Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg, Paris Hilton, Adidas, The Smurfs, Care Bears, Atari, and CryptoKitties.

No further details of HSBC’s plans in the virtual world were shared at the time. The Sandbox is a subsidiary of the Hong Kong gaming company Animoca Brands.

Hong Kong marine park Ocean Park announced that it was taking its attractions into The Sandbox last month.

SAND Price Outlook

The metaverse platform’s native token, SAND, has got a big boost from the news. As a result, SAND prices were up 13.3% on the day, trading at $3.21.

The metaverse token has been hit hard over the past month, losing 30% of its value. Additionally, it is also down 62% from its November 25 all-time high of $8.40.

There are 1.1 billion SAND tokens in circulation, giving it a market capitalization of $3.6 billion.

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