Standard Chartered Bank is one of the prominent financial institutions that own virtual land in the metaverse with plans to develop and operate in that space.
The well-known bank recently purchased “virtual land at The Sandbox metaverse’s Mega City district, a culture hub based on or inspired by Hong Kong talents.”
On Tuesday, the bank announced that one of its subsidiaries, Standard Chartered Bank (Hong Kong) Ltd. (SCBHK), had purchased a virtual currency within the popular crypto gaming ecosystem, The Sandbox. The aim of purchasing the land is to provide a metaverse experience to its users and provide financial services.
As Alex Manson, the head of Standard Chartered’s SC Ventures noted,
“For the past few years, we have been building business models on crypto and digital assets and see the rise of the metaverse as a critical milestone in the Web3 evolution.”
Mary Heun, Standard Chartered Hong Kong CEO, announced, “The metaverse is a vision for the next phase in the internet’s evolution, bringing new possibilities and unique experiences through the use of immersive technologies.”
“Our involvement in the metaverse allows us to reimagine our relationship with existing and potential clients on this new platform and our approach to enhancing client journeys. Having acquired virtual land in Mega City, a natural choice for the bank given its distinctive Hong Kong theme perfectly fits with our promise of strengthening our continued presence in Hong Kong, whether physical or virtual. “
Before making the announcement, the bank released a document explaining what the metaverse is and what consumers should expect from it.
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