The Sandbox, a major metaverse crypto project, has announced a cooperation with British bank HSBC. The bank will buy a parcel of land in the Sandbox metaverse, which it will use to interact with sports, esports, and gaming fans.
HSBC is one of the world’s top multinational banking and financial services companies, and its partnership with The Sandbox will expand the company’s worldwide financial services while also connecting sports communities from across the world.
According to the Sandbox announcement on Medium, other worldwide financial institutions are likely to follow the following, considering that the global metaverse market is expected to rise to $1.5 trillion by 2030.
HSBC will join a growing list of alliances that have already established themselves in The Sandbox, opting for it over Decentraland, the other big crypto rival. Gucci, Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg, Adidas, Deadmau5, Steve Aoki, Richie Hawtin, The Smurfs, Care Bears, Atari, ZEPETO, and CryptoKitties are among the major companies already in The Sandbox.
It is also unclear how much interest would be paid to financial organizations such as banks. Moreover, it contradicts the decentralization concept, which encompasses private digital assets.
However, given that central bank digital currencies are in the works, banks will be pushed to innovate, and it appears that they will be compelled to embrace cryptocurrencies if they are to 1. be permitted to do so by regulators and 2. stay viable companies.