Standard Chartered Bank Joins Other Lenders in Metaverse, Acquires Land in The Sandbox

Incorporated in 1853, the Standard Chartered bank currently runs over 1,000 branches and outlets across more than 70 countries.

By Radhika Parashar | Updated: 26 April 2022 17:49 IST

Standard Chartered Bank Joins Other Lenders in Metaverse, Acquires Land in The Sandbox

Photo Credit: LinkedIn/ Standard Chartered Bank

Metaverse could be a $13 trillion opportunity with five billion users by 2030

Highlights

Standard Chartered bank looking for service expansion
Standard Chartered bank’s detailed metaverse plans unknown
Earlier this month Mastercard’s plans of entering metaverse surfaced

The Standard Chartered Bank from the UK, has announced its entry into the metaverse. The London-headquartered lender has purchased a chunk of virtual real estate in the Mega City district of The Sandbox metaverse. In the digital world, this area is reportedly a culture hub inspired by talents from Hong Kong. The move is initiated by SC Ventures, the innovation, fintech investment, and ventures arm of the Standard Chartered Bank. The financial giant is looking to expand services and experiences for its customers.

Incorporated in 1853, the bank currently runs over 1,000 branches and outlets across more than 70 countries with employs exceeding 87,000 people.

The bank is now looking to engage with sports and art communities, that are getting active in the metaverse.

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“SCBHK will actively engage its clients, partners, staff, and the tech community, to explore co-creation opportunities in this new and exciting space. For the past few years, we have been building business models in crypto, digital assets and see the rise of the metaverse as a critical milestone in the Web3 evolution,” Bitcoin.com quoted Alex Manson, head of Standard Chartered's SC Ventures as saying.

Bill Winters, the Group Chief Executive at Standard Chartered shared the development on LinkedIn.

“We have expanded our “footprint” to the metaverse by being the first bank to acquire virtual land at The Sandbox's Mega City district. I'm excited about the many opportunities to come, including working with our clients and partners to reinvent the rules of engagement in this emerging virtual universe,” Winters wrote.

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Meanwhile, other big names from the finance sector are already ramping up activities in the virtual universe.

Visa, and JP Morgan are other notable banks that have begun embracing elements of the Web3 sector.

In March, British bank HSBC also decided to purchase a chunk of digital land in The Sandbox metaverse in order to engage with sports, esports, and gaming enthusiasts.

In fact, earlier this month, Mastercard's fresh filings at the United States Patent and Trademark Office (USPTO) have hinted about its metaverse entry plans.

A Citi report titled “Metaverse and Money: Decrypting the Future” had recently predicted that the metaverse could be a $13 trillion (roughly Rs. 9,95,15,650 crore) opportunity with five billion users by 2030.

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Further reading: Cryptocurrency, Metaverse, Standard Chartered Bank, The Sandbox

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More