Banking giant Standard Chartered has entered the metaverse with The Sandbox. The purpose is to build a virtual space for its clients and supporters.

The UK-based multinational banking and financial services company said that its virtual land for the Hong Kong branch would be located in The Sandbox’s Mega-City district.

Further, the Sandbox is a subsidiary of Hong Kong-based Animoca Brands.

In a recent interview, Standard Chartered said that the plan to enter The Sandbox metaverse is to experiment and develop immersive experiences. They want to create better experiences for the customers and attract creatives and sports enthusiasts.

Further, this is not the only sandbox project in 2022. The Sandbox announced in January that it had created Mega-City – a cultural hub. Also, they have been following a successful partnership with multiple Hong Kong partners from various sectors. 

It said that the partners joined The Sandbox’s virtual real estate by acquiring LAND NFTs. This land is similar to the one secured by Regal Hotels in the open metaverse.

Until now, The Sandbox projects 2022, and other includes 165 partnerships, including Adidas, Snoop Dogg, The Walking Dead, South China Morning Post, The Smurfs, Care Bears, Atari, CryptoKitties, Shaun the Sheep, Mcdull, and Hanjin Tan. These projects aim to build a fun, creative play-to-earn platform that offers virtual worlds and game experiences owned and created by players.

Other Banks Planning to Enter Metaverse like Sandbox Projects 2022

According to a report from Blockchain. News, HSBC Bank announced a partnership with The Sandbox on March 16, 2022. They want to build its presence in the Hong Kong-based company’s metaverse.

The report added that through the partnership, HSBC acquired a plot of LAND, virtual real estate in The Sandbox metaverse. Further, it will help to develop to engage, entertain, and connect with sports, esports, and gaming enthusiasts.

Related: PwC Hong Kong Purchases Land Plot In The Sandbox

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In an official announcement, the UK-based banking company, Standard Chartered said that they will be joining the Global Digital Finance, or GDF, Patron Board. Now the bank will also join forces with other blockchain-based companies and organizations to promote the use of cryptocurrencies. It will also up its efforts to make local and international lawmakers make crypto-friendly regulations. 

GDF, in its statement, confirmed that Standard Chartered is the first bank to join the group’s patron board. It has ten members including Coinbase, Huobi, SIX Digital Exchange, and 100x Group which is also the parent company of BitMEX.

“Thoughtful adoption of digital assets based on the principles of consumer protection and compliance can promote a more efficient and inclusive financial system,” said Standard Chartered’s global head of financial markets electronics trading and platforms Geoff Kot. 

“Banks have an ongoing responsibility to support the evolution of an open and trusted global financial architecture.”

The group was initially launched back in 2018. Its members have been actively vying for greater adoption of cryptocurrencies. With Standard Chartered Bank as its patron board member, it will only get stronger. It also shows the group is committed and expanding.

“As institutional adoption of digital assets rapidly evolves, we must ensure there is the highest level of industry-wide best practices and standards in place, aligned to emerging policy and regulation thinking and development,” said GDF executive co-chair Lawrence Wintermeyer. “GDF and our members are at the forefront of creating these standards in a shared engagement forum with market participants, policymakers, and regulators.”

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