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Standard Chartered purchases virtual property in The Sandbox and begins expanding the metaverse

 


Standard Chartered is the world-renowned bank entering the burgeoning metaverse via a partnership between its Hong Kong subsidiary and The Sandbox, according to a press statement published on April 25 . According to this, the bank is the first bank to acquire “virtual land in The Sandbox Metaverse's Mega City District”.


“Metaverse experience [which] actively engages its customers, partners, employees and the tech community to explore co-creation opportunities in this new and exciting space.”


The acquisition was led by SC Ventures, the innovation, fintech investment and venture arm of Standard Chartered Group. Commenting on the development, Standard Chartered SC Ventures head Alex Manson said: 


In recent years we have developed business models in the field of cryptocurrencies and digital assets and see the rise of the metaverse as a crucial milestone in the development of Web 3.0.


This view was also shared by Mary Huen, CEO of the lender's Hong Kong unit, who said:


The Metaverse envisions the next phase in the evolution of the Internet, offering new possibilities and unique experiences through the use of immersive technologies. Our involvement in the Metaverse allows us to reshape our relationships with existing and potential customers on this new platform and evolve our approach to improving the customer experience.


Large financial institutions such as HSBC, JPMorgan and others have also made strategic investments in the Metaverse. JPMorgan opened a virtual lounge on the popular blockchain-based world Decentraland called the onyx lounge. Others like CitiBank, Morgan Stanley and Goldman Sachs have also stated that they view the Metaverse as a multi-trillion opportunity for the public to seize.

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