HSBC Holding, a British multinational investment bank and financial services holding company that stands as the second-largest bank in Europe behind BNP Paribas with total equity of US$206.777 billion and assets of US$2.958 trillion as of December 2021 has entered the Sandbox to disrupt and etch its name on golden templates.
A year ago, the multinational investment bank had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA), respectively. The origin of this notable financial service holding company also traces its origin to Hong Kong, where its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company.
Being a purpose-driven organization, HBSC is set to open up a world of opportunity as well as achieve great strides which explains why it exists. HBSC has strategically positioned itself to use its unique expertise, capabilities, breadth, and perspectives to open up new kinds of opportunities for its customers.
According to the organization, it’s bringing together the people, ideas, and capital that nurtures progress and growth, helping to create a better world for its customers, people, investors, communities, and the planet it shares with the world at large. Listed on the London, Hong Kong, New York, and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 187,000 shareholders in 128 countries and territories.
Set the Deal on Fire
Remarkably, the institution can be said to have had little or no proper idea about the Cryptocurrency industry until recently. The financial institution will be making a striking feat to collaborate with The Sandbox to foray into the metaverse. While this process evolves, the institution posits that the partnership hopes to promote financial literacy via gamified experiences within the metaverse as it will develop opportunities for users to engage with sports, esports, and benefit gaming enthusiasts within the broad spectrum. The intention further reveals that it also hopes to buy a virtual plot of LAND within The Sandbox for an undisclosed amount.
Let’s get the Laser Clearer
As it makes its stride, the banking giant will reportedly focus on financial literacy offerings and “work with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive, and accessible. Going further, this partnership comes at a time when many financial institutions are closing physical branch locations due to the shift to digital banking, which was accelerated by the pandemic. According to Cointelegraph which spoke to the recently appointed U.S. CEO of The Sandbox, Mathieu Nouzareth, about his vision for banking in the metaverse, they stated that :
“Financial literacy is a major obstacle to building healthier, more equitable financial futures. The gaming component of The Sandbox is ideally suited for engaging customers and curious onlookers about important financial concepts in an interesting and novel way.”
The Last Ice Cube: Stay Chilled
Lastly, Animoca Brands, the parent company of The Sandbox, tweeted that HSBC is joining over 200 existing partnerships operating in the metaverse. Other major brands working with The Sandbox include The Warner Music Group, Adidas, Ubisoft and a host of others.