HSBC Enters the Metaverse Through Partnership With The Sandbox

The bank wants to engage with sports, e-sports, and gaming fans on the metaverse.

Mar 16, 2022 at 8:33 a.m. UTC
Updated Mar 17, 2022 at 5:02 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

HSBC (HSBC), with almost $3 trillion in assets, is the first global bank to enter The Sandbox metaverse, the blockchain gaming firm said on Wednesday.

  • The bank will buy a plot of land at The Sandbox metaverse, which it will develop to engage with sports, e-sports and gaming fans, the statement said.
  • Details of HSBC's development in the virtual plot of land weren't announced. A promotional GIF that was posted along with the statement showed an HSBC stadium next to a virtual body of water.
  • HSBC sees "great potential" in creating "new experiences through emerging platforms," said Suresh Balaji, chief marketing officer at HSBC Asia-Pacific, in the statement. The partnership with The Sandbox will enable the bank to "create innovative brand experiences for new and existing customers," he added.
  • Gucci, Warner Music Group (WMG), The Walking Dead, Snoop Dogg and Adidas are among global brands that are working with The Sandbox.
  • In February, JPMorgan (JPM) said it was the first bank to enter the metaverse when it bought a plot of land in Decentraland to build a lounge for customers.
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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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