SCBHK became the first bank to buy virtual land in the Mega City district

Standard Chartered Bank has become a partner of The Sandbox metaverse

26.04.2022 - 14:05

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2 min

What’s new? Standard Chartered Bank (Hong Kong) Ltd. (SCBHK) has entered into a partnership with The Sandbox, a blockchain-based gaming metaverse. The initiative was led by Standard Chartered Group’s innovation, fintech investment, and ventures arm, SC Ventures. SCBHK became the first bank to buy virtual land at The Sandbox metaverse’s Mega City district.

Information on the SCBHK’s website

What are the prospects for cooperation? SCBHK plans to actively engage customers, partners, employees, and the tech community to explore opportunities for co-creation in the space of the metaverse.

What is known about SCBHK? It is Hong Kong’s fifth-largest bank and a subsidiary of Standard Chartered. The subsidiary was launched in 2004. It is one of only three commercial banks licensed by the Hong Kong Monetary Authority to issue Hong Kong dollar notes.

What had happened before? In February, JPMorgan, the largest US bank, opened a virtual lounge in the Decentraland metaverse. The Onyx Lounge, named after JPMorgan’s own blockchain payments system, was presented along with the bank’s report. It describes the types of business opportunities that the companies can find in the metaverse.

In March, Grand View Research, an analytical company, published a report stating that the volume of the metaverse market will reach $678,8 billion by 2030. The cumulative average annual growth rate over the decade is projected to be 39,4%. The analysts believe that metaverses will become a major part of the entertainment industry in the future.

Author:

Tatiana Darda Tatiana Darda

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