HSBC, the world’s largest banking corporation, has announced another milestone in the metaverse following the announcement of their partnership with metaverse game The Sandbox. A number of media reports have reported that HSBC Holdings is preparing to launch its multi-assets metaverse investment product for wealthy clients in Singapore and Hong Kong.
HSBC Asset Management said in a statement that its discretionary portfolio targets companies across the metaverse ecosystem and looks to “capture the growth prospects globally over the next decade”. As part of the initiative, HSBC plans to target five key segments of the current virtual reality industry: infrastructure, computing, virtualization, experience and discovery, and interface.
HSBC joined Wall Street giant JPMorgan Chase & Co. last month in dipping its toe into the metaverse and buying a website aimed at sports, e-sports, and gaming fans. Even though Chief Executive Officer Noel Quinn told the Wall Street Journal the bank has no plans to start a cryptocurrency trading desk or sell digital currencies to clients as investments, the bank is pushing into the crypto and blockchain ecosystem.
Metaverses combine the best features from a wide range of digital technologies, such as video conferencing, games such as Minecraft and Roblox, cryptocurrencies, email, virtual reality, social media and live streaming.
The concept of the metaverse was seen by HSBC Asset Management’s Nicholas Dowell as a key milestone in the evolution of the internet by HSBC,
The metaverse is seen by many as the next stage in the evolution of the internet, with the effect it has on our daily lives expected to be as impactful as we saw in the early nineties.
Nicholas Dowell, Global Equity Portfolio Manager – HSBC Global Asset Management
It was announced last month that HSBC has become the first global financial services provider to join The Sandbox. As part of the deal, the bank also acquired a plot of virtual property called LAND, which it plans to use to “engage and connect with sports, esports, and gaming enthusiasts.”
Given how popular the metaverse has become and its resulting popularity, several Wall Street behemoths are now looking into getting involved in it. This year, JP Morgan was the first bank to open a virtual lounge within the so-called Metaverse platform of Decentraland. As part of its website landing page update, Goldman Sachs also updated its website pages with resources related to cryptocurrencies and the metaverse
