The Sandbox, a blockchain-based metaverse gaming platform, and DBS Bank have partnered to create new services for users in the 3D virtual world that uses digital avatars.
The Sandbox is the first financial institution in Singapore to enter the virtual world, according to a statement released by DBS Bank on Friday. DBS Bank is the largest lender in Southeast Asia.
Players may build, own, and make money from their Ethereum blockchain-based game experiences in the virtual environment known as The Sandbox, which is run by Hong Kong-based Animoca Brands.
‘Better World’ Is DBS Bank’s Goal
According to the announcement, The cooperation aims is “to create DBS Better World, an interactive metaverse experience highlighting the importance of creating a better, more sustainable world and inviting others to join.”
Actually, the hype around the metaverse is becoming stronger. Startups, significant lenders, and financial institutions are all investigating this new digital environment. One such business that recently shown interest in joining the metaverse is Ford.
In February, JP Morgan declared that it had become the first bank to build a lounge in the virtual world of Decentraland. After a month, HSBC joined The Sandbox to engage with gamers and sports fans.
The DBS Bank’s Time to Shine
Piyush Gupta, chief executive officer of DBS Bank, disclosed in a statement: “Digital advancements have accelerated the greatest changes in the world of finance over the past decade.”
Gupta says that even though Metaverse technology is still developing, it could “change the way banks interact with their customers and communities in a fundamental way.”
The metaverse gives us exciting new ways to redefine how we live, work, and talk to each other.
CEO of DBS Hong Kong Sebastian Paredes stated:
Based on the most recent data, institutional investors, retailers, and businesses are adopting cryptocurrencies at a rapid rate.
About Digital Worlds And Crypto
The International Monetary Fund (IMF) said that cryptocurrency is a good way to protect against weak currencies.
Additionally, the Union Bank of India recently unveiled “Uni-Verse,” a virtual lounge in the metaverse where users may learn more about loans and other banking services.
Recently, the Bank of Russia also declared that it would start using cryptocurrencies in international trade.
Additionally, Microstrategy only last week disclosed a deal with Cowen & Co. to sell up to $500 million in Class A common stock.
Leave this field empty if you're human:
