Standard Chartered Bank

Standard Chartered Bank Joins Other Lenders In Metaverse, Acquires Land In The Sandbox: Latest Updates!!!

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INTRODUCTION:

Standard Chartered Bank Updates: The UKbased Standard Chartered Bank has launched its foray into the metaverse. The London based lender has purchased a piece of virtual real estate in The Sandbox metaverse’s Mega City region. This neighbourhood is supposedly a culture centre inspired by Hong Kong talents in the digital age. SC Ventures, the Standard Chartered Bank’s innovation, fintech investment, and ventures arm, is behind the move. Customers may expect more services and experiences from the financial behemoth.The bank, which was founded in 1853, now has over 1,000 branches and outlets in over 70 countries and employs over 87,000 people.

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The bank is now trying to collaborate with sports and art communities that are becoming increasingly active in the metaverse.”SCBHK will aggressively engage its clients, partners, personnel, and the IT community in this new and exciting space to explore co-creation potential.” “We’ve been establishing business models in crypto and digital assets for a few years, and we see the advent of the metaverse as a significant milestone in the Web3 evolution,” said Alex Manson, head of Standard Chartered’s SC Ventures, according to Bitcoin.com.”By being the first bank to acquire virtual land in The Sandbox’s Mega City sector, we’ve stretched our “footprint” into the metaverse. Winters added, “I’m looking forward to the many opportunities ahead, including working with our clients and partners to rewrite the rules of engagement in this growing virtual environment.”Meanwhile, some large names in finance are already stepping up their efforts in the virtual world.Other big banks that have begun to embrace components of the Web3 sector include Visa and JP Morgan.HSBC, a British bank, purchased a piece of digital land in The Sandbox metaverse in March in order to engage with sports, e-sports, and gaming fans.Indeed, Mastercard’s recent filings with the United States Patent and Trademark Office (USPTO) hinted at its metaverse entry ambitions earlier this month.According to a Citi analysis titled “Metaverse and Money: Decrypting the Future,” the metaverse might be worth $13 trillion (approximately Rs. 9,95,15,650 crore) by 2030, with five billion users.”The metaverse is a vision for the next phase in the internet’s evolution, delivering new opportunities and unique experiences through the use of immersive technology,” Mary Huen, CEO of Standard Chartered, Hong Kong, stated in a press statement.”Having bought virtual land in Mega City, a natural choice for the Bank given its distinct Hong Kong character, fully fits with our pledge of enhancing our continuous presence in Hong Kong, whether physical or virtual,” said the CEO.”The DPRK hacking group started to shift their Axie Infinity stolen cash today,” claimed Changpeng Zhao, CEO of Binance, in a tweet. Binance received a portion of it, which was distributed over 86 accounts. A total of $5.8 million has been recovered. We’ve done this before for other projects as well.

Standard Chartered Bank

HIGHLIGHTS Standard Chartered Bank:

• Standard Chartered Bank is trying to expand its service offerings.
• The specific metaverse ambitions of Standard Chartered Bank are unknown.
• Mastercard’s plans to enter the metaverse were revealed earlier this month.

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