Standard Chartered Acquires Virtual Land in The Sandbox Metaverse

The Hong Kong division of the financial giant Standard Chartered has bought a piece of virtual land in the metaverse The Sandbox to explore the possibilities of a new space.

According to statement, Standard Chartered Bank (Hong Kong) Limited (SCBHK) became the first land-owning bank in the Mega-City area of the virtual world. The latter is positioned as a cultural hub based on or inspired by Hong Kong talent.

Led by another subsidiary of the group, venture capital firm SC Ventures, the financial institution intends to attract clients and partners to experiment in a new area.

“The Metaverse is a vision of the next stage in the evolution of the Internet, which opens up new opportunities and unique practices through the use of immersive technologies. Participation in the metaverse allows us to rethink our relationship with existing and potential customers, as well as the approach to improving interaction on the new platform,” said SCBHK CEO Mary Huen.

According to the head of SC Ventures, Alex Manson, the company has been creating business models in the field of cryptocurrencies and digital assets over the past few years. He also called the development of the metaverse “a major milestone in the evolution of Web 3.0”.

Recall that in March, the largest British bank HSBC bought a piece of virtual land in the world of The Sandbox.