HSBC joins The Sandbox to deliver educational financial games

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HSBC, one of the largest banks in Europe, with total assets of $2.4 trillion, announced intends to purchase a virtual LAND lot in The Sandbox for an undisclosed amount. According to a statement by The Sandbox, the new partners will provide an opportunity for users to interact with sports, e-sports and gaming enthusiasts.

According to Suresh Balaji, Asia regional marketing manager, the banking giant will focus on financial literacy services and “work with sports partners, brand ambassadors and Animoca Our Brands to create experiences that are educational, inclusive and accessible.” Pacific region.

This partnership comes at a time when many financial institutions are closing physical branch locations due to the shift to digital banking, which has been accelerated by the pandemic. Cointelegraph spoke with The Sandbox’s recently appointed US CEO Mathieu Nouzareth about his vision for banking in the metaverse.

“Financial literacy is a major obstacle to building a healthier, fairer financial future. The game component of The Sandbox is ideal for engaging customers and those curious about the concepts. important finance in an interesting and novel way.”

He added that he hopes to connect with a “generation that is used to interacting with all kinds of brands and experiences on digital platforms.” And financial institutions shouldn’t be left behind other brands and interactive service providers looking to innovate in the metaverse.

Animoca Brands, parent company of The Sandbox, tweeted HSBC is joining more than 200 existing partnerships working in this area. Other majors Brands partnering with The Sandbox include the Warner Music GroupAdidas and Ubisoft.

Related: Sandbox partners with World of Women to promote education and mentoring for women

However, HSBC is not the first bank to join the metaverse. Last month, JP Morgan officially became first major bank in Decentraland, has opened a virtual lounge in its metaverse. The global metaverse market is estimated to reach $1 trillion by 2030.

Recently, Cointelegraph Brasil spoke with Sandbox Founder Sebastien Borget, who highlighted the company’s call for decentralization, interoperability, and creator-generated content. “It is important to us that content you own or create in The Sandbox can be transferred to other open metavers and vice versa,” he said.