Sandbox (SAND) Bounces as HSBC Takes Metaverse Leap

17th March 2022
Sandbox (SAND) Bounces as HSBC Takes Metaverse Leap
Image Credit: Sandbox/ HSBC

HSBC has become the first global bank to enter The Sandbox, where it plans to “engage and connect with sports, esports and gaming enthusiasts” in the metaverse.

According to a statement published on Wednesday, the partnership between The Sandbox and HSBC will see the global financial services provider acquire a plot of LAND – virtual real estate in The Sandbox for its metaverse engagement efforts.

“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”, said Suresh Balaji, chief marketing officer at HSBC Asia-Pacific.

SAND 24-Hour Chart. Data: CoinMarketCap

The announcement provided a boost to the $SAND token which traded at US$3.23 at the time of writing, up 16.45% in the past 24 hours. Decentraland’s $MANA was also trading at US$2.44, up 8.44% in the past 24 hours.

“Through our partnership with The Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive and accessible”, he added.

Banks warm up to crypto

Traditional financial institutions have been gradually dipping their toes into the crypto space. Even HSBC seems to have changed tack from its previous stance towards crypto with this partnership.

In April 2021, HSBC corporate media relations manager said that the bank has “no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from virtual currencies”, when asked if the bank would be avoiding Coinbase’s then newly listed COIN stock.

Last month, despite CEO Jamie Dimon’s critical stance on cryptocurrencies, JP Morgan became the first bank to enter the metaverse when it opened a public lounge with a portrait of Dimon in Decentraland.

Written by Bread News Team
Newsletter subscription graphic

Get news and insights on the Asian markets that matter.

View our past Newsletter