HSBC, a former cryptocurrency critic, continues with its involvement with the Metaverse after its recent partnership with The Sandbox. The latest initiative will allow certain Hong Kong- and Singapore-based investors to engage with companies focusing on the new emerging trend.
- Citing a statement from the bank on April 6, Reuters reported that the new funds will be available for “rich clients in Hong Kong and Singapore” and will allow them to invest in companies developing their own versions of the Metaverse from Silicon Valley.
- HSBC’s asset management team will run the Metaverse Discretionary Strategy, which will focus on investing in five primary segments – infrastructure, virtualization, interface, computing, and experience and discovery.
“The Metaverse ecosystem, while still at its early stage, is rapidly evolving. We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.” Said HSBC’s regional head of discretionary funds for investments and wealth solutions for Asia Pacific – Lina Lim.
- This is the bank’s second foray into the Metaverse industry within the past month.
- As CryptoPotato reported in mid-March, HSBC, a former vocal critic of the crypto industry, partnered with Animoca Brands’ subsidiary – The Sandbox. Aside from entering the Metaverse, the collaboration allowed the bank to purchase virtual real estate in the form of LAND.