Published
1 year ago on
April 27, 2022
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The Standard Chartered Bank has partnered with the leading decentralized virtual gaming world, The Sandbox, to create its first Metaverse experience.
SC Buys Land In The Sandbox
The Sandbox is a popular blockchain-based virtual gaming metaverse where players can acquire the LAND token to access exclusive content and experiences. Standard Chartered Bank (SCB) has become the first bank to acquire virtual land in the Mega City district in The Sandbox metaverse.
Mary Huen, Chief Executive of Standard Chartered, Hong Kong, spoke on the initiative,
“Our involvement in the metaverse allows us to reimagine our relationship with existing and potential clients on this new platform and our approach to enhance client journeys. Having acquired virtual land in Mega City, a natural choice for the Bank given its distinctive Hong Kong theme, perfectly fits with our promise of strengthening our continued presence in Hong Kong, whether physical or virtual.”
The bank has been projecting a very bullish stance on the crypto financial market. The Standard Chartered CEO, Bill Winters, has even made a public statement that he believes that digital currencies will continue to play a significant role in the economy.
Innovations Arm Continues Web 3 Expansion
The project was undertaken by SC Ventures, which is the innovation, fintech investment, and ventures arm of the Standard Chartered Group. The innovation arm has reportedly been focused on supporting the disruption of the traditional financial model and exploring the metaverse for future Web3 opportunities. Purchasing land in The Sandbox is part of another initiative by SC Ventures to explore co-creation opportunities in the Metaverse by engaging with clients, partners, staff, and the tech community.
Alex Manson, Head of SC Ventures, Standard Chartered, said,
“For the past few years, we have been building business models in crypto, digital assets and see the rise of the metaverse as a critical milestone in the Web 3.0 evolution. We are excited for this opportunity to explore and innovate in partnership with The Sandbox, but also with our clients and partners who will play a crucial role in how this space develops.”
SC Ventures has previously launched the blockchain-based platform called Olea in partnership with Chinese supply chain fintech firm Linklogis. It has also previously spoken about its intentions to establish a crypto exchange and brokerage platform in the UK and Europe.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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