HSBC has entered the metaverse, becoming the first global bank to launch in The Sandbox.

The bank, with almost $3 trillion in assets, purchased a plot of land in The Sandbox, and plans to engage with sports, e-sports and gaming fans.

The image that was posted along with the statement showed a virtual HSBC stadium.

In a statement Suresh Balaji, chief marketing officer at HSBC Asia-Pacific said the bank sees “great potential” in creating “new experiences through emerging platforms.”

The partnership with The Sandbox will allows the bank to “create innovative brand experiences for new and existing customers,” he added.

The Sandbox’s native SAND token spiked more than 20 per cent following the news, according to data from CoinMarketCap.

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HSBC has previously been critical of cryptocurrencies.

In January 2021, the bank blocked UK residents from transferring funds from exchanges to their bank accounts.

The bank’s CEO Noel Quinn then said the institution was “not into Bitcoin.”

However, by late 2021 the bank had invested $200 million in crypto developer ConsenSys, who owns the popular Ethereum-based MetaMask wallet.

They also partnered with Wells Fargo to use blockchain technology to settle forex transactions.

In February 2022, JPMorgan became the first bank to enter the metaverse when it bought a plot of land in Decentraland to build a lounge for customers.

JPMorgan’s virtual lounge greets visitors with a digital portrait of Jamie Dimon and a roaming tiger, followed by a presentation on the crypto economy.

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