bitcoinBTC/USD
$ 19,116.94
ethereumETH/USD
$ 1,051.85
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.446831
xrpXRP/USD
$ 0.318331
usd-coinUSDC/USD
$ 1.00

HSBC Makes Metaverse Debut by Acquiring Virtual Land in The Sandbox

HSBC, the prominent global banking and financial services company has acquired a virtual parcel of land in the Metaverse of The Sandbox.

HSBC, the British international banking titan has partnered with The Sandbox to make its entry into the metaverse. 

In order to interact and engage with sports, esports, and gaming fans, HSBC, the prominent global banking and financial services company has acquired a virtual parcel of land in the Metaverse of The Sandbox

The virtual world is becoming an important space to expand operational presence, and even the most skeptical are showing a change of tune. HSBC issued a press release on March 16th, announcing the partnership with The Sandbox, and the subsequent acquisition of virtual real-estate in its metaverse for the purpose of interacting and connecting with fans of gaming, sports, and esports. 

Suresh Balaji, HSBC’s Chief Marketing Officer, said that offering new brand experiences is the primary reason for the decision to expand in the metaverse. 

“The Metaverse is how people will experience Web3, the next generation of the Internet,” said Suresh Balaji, further emphasizing that “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.”

Even though HSBC is the first company of its kind to acquire virtual real estate in The Sandbox metaverse, there have been other banks that have shifted their focus onto the virtual worlds established on the blockchain. In February, JPMorgan entered the metaverse built on the Ethereum blockchain by opening a virtual lounge in Decentraland. 

Considering the bank’s long history of opposition towards cryptocurrencies, the entry of HSBC into the Metaverse is not exactly expected. Noel Quin, the CEO of HSBC spoke for Reuters in May 2021, saying that HSBC does not agree with Bitcoin (BTC) being an asset class but rather a virtual currency product and thus the bank had no intentions of advising their clients on the matter.

The bank did not process crypto transactions and did not let customers bank gains from Bitcoin (BTC). Moreover, clients were prohibited from buying the stock of MicroStrategy, the biggest corporate holder of the biggest cryptocurrency. 

Furthermore, HSBC has restricted credit card payments to Binance, the biggest cryptocurrency exchange platform, stressing potential client concerns.

Also read:

Related News

Updates have been provided on the current service freeze and new recovery efforts were outlined by the company.

Potential Solutions Are Being Considered By Celsius

Strategic deals and liabilities restructuring are being explored by Celsius. Updates have been provided on the current service freeze and new recovery efforts were outlined by the company. On June 12th, all transitions, withdrawals, and swaps were put on pause by Celsius and as of now, the company is looking for ways to recover. “Important steps to preserve and protect assets and explore options” are being taken by the company, per

Read More »
As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD).

Withdrawal Resumption Plan Is Not Moving Forward, CoinFLEX Backs Down

Withdrawals will not be resumed as anticipated, following a halt last week, CoinFLEX announced. As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD). After the token sale is completely carried out, CoinFLEX will disclose the process for permitting withdrawals, stated CEO Mark Lamb. “Extreme market conditions and continued uncertainty involving a counterparty” led CoinFLEX to hit a pause

Read More »
Just recently, the company had to reduce over 1% of its global workforce, making Coinbase vulnerable to the current market crash.

Coinbase Looking to Expand In Other Countries

Following the layoffs and rescinding of employment offers, the cryptocurrency exchange Coinbase intends to grow deeper into Europe. The intentions to register in nations such as Italy, Spain, France, and the Netherlands, were announced by Nana Murugesan, vice president of the California-based crypto exchange. Countries such as Germany, Ireland, the United Kingdom, and even Switzerland, where the first employee was hired recently, already have Coinbase as a licensed crypto exchange.

Read More »

My Coins

bitcoinBitcoin
$ 19,116.940.78%
ethereumEthereum
$ 1,051.850.85%
cardanoCardano
$ 0.4468311.23%
tetherTether
$ 1.000.09%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org