HSBC Starts Metaverse Fund for Private Banking Clients in Asia

The Metaverse Discretionary Strategy portfolio aims to capture opportunities arising from the next iteration of the internet, the bank said.

AccessTimeIconApr 6, 2022 at 7:54 a.m. UTC
Updated May 11, 2023 at 7:17 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

HSBC (HSBC), one of the world's largest banks, is starting a discretionary managed portfolio investing in the virtual world for private banking clients in Asia.

The strategy aims to capture growth opportunities arising globally from the development of the metaverse ecosystem over the next decade, the bank said in a statement, adding that the “metaverse is expected to become the next iteration of the internet.”

  • Why Prada Is at the Forefront of Digital Fashion and Metaverse
    00:54
    Why Prada Is at the Forefront of Digital Fashion and Metaverse
  • What Will The Metaverse Look Like in the Future?
    16:36
    What Will The Metaverse Look Like in the Future?
  • The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
    01:22
    The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
  • Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat Siu
    11:34
    Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat Siu
  • The metaverse is an immersive digital world created by the combination of virtual reality, augmented reality and the internet. In March, HSBC said it became the first global bank to enter The Sandbox metaverse, when it bought a plot of land to engage with sports, e-sports and gaming fans. The total addressable market for the metaverse economy could be as large as $13 trillion by 2030, Citi said in a report last week.

    The portfolio will be actively managed, with a focus on five key areas: infrastructure, computing, virtualization, experience and discovery, and human interface, the bank said.

    The strategy will be exclusive to HSBC’s high net worth and ultra-high net worth professional and accredited investor clients in Asia. It will be managed by HSBC Asset Management.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Will Canny is CoinDesk's finance reporter.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


    Read more about