HSBC acquires first metaverse property in The Sandbox

The Hong Kong-based bank has made its first purchase in the metaverse, joining peer, JP Morgan, as it makes inroads in the world of virtual assets.

Hong Kong-based HSBC bank has acquired a plot of digital land, in the latest sign that financial entities are betting on the potential of metaverse investments.

HSBC bought the virtual real estate in The Sandbox metaverse, a decentralised virtual gaming world created by ASX-listed software company and crypto venture investor, Animoca Brands.

Having recently shared the firm’s investment strategy in an exclusive interview with FinanceAsia, Animoca Brands has been expanding its portfolio of Web3.0 holdings rapidly, most recently leading a $5.25 million Series A round in stablecoin trading platform, Wombat Exchange.

“There are 166,464 pieces of “LAND” digital portions of the...

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