British multinational investment bank HSBC is joining the bandwagon of virtual property as the bank has acquired virtual land in The Sandbox ecosystem for an undisclosed price.
The company said in a blog post that the bank will develop new in-game initiatives to engage and connect with "sports, esports and gaming enthusiasts." Suresh Balaji, CMO at the Asia-Pacific arm of HSBC, says that the banking giant sees "great potential to create new experiences through emerging platforms." Balaji continued:
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.
HSBC is well known on the crypto market as one of the main naysayers to bitcoin. For example, in April 2021, the Canadian arm of the bank prohibited its clients from trading MicroStrategy stocks (MSTR) due to its massive bitcoin purchases. As of press time, MicroStrategy is holding over 125,050 BTC valued at $5 billion on its balance sheet.
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