The hype around the metaverse is actually only getting louder. Startups, significant lenders, and financial institutions are all considering this new digital environment. Exciting opportunities exist in the metaverse to redefine our daily lives, places of employment, and interpersonal relationships.
In February, JP Morgan declared that it had become the first bank to build a lounge in the online community of Decentraland. After a month, HSBC joined The Sandbox to engage with gamers and sports fans.
Now, according to a statement, it’s DBS Bank’s Turn, the partnership’s aim is to develop DBS Better World, an engaging metaverse experience that emphasises the significance of building a better, more sustainable world and invites others to join.
Digital developments, according to DBS Bank CEO Piyush Gupta, have expedited the biggest changes in the financial industry during the past ten years. Though still in its infancy, Gupta claims that metaverse technology has the potential to significantly alter “the way banks interact with their customers and communities.”
According to the most recent data, institutional investors, retailers, and companies are embracing cryptocurrencies at a quick rate, said Sebastian Paredes, CEO of DBS Hong Kong.
The International Monetary Fund (IMF) asserted that cryptocurrency serves as a prevalent hedge against declining currencies.
Recently, the Bank of Russia also declared that it would start using cryptocurrencies in foreign trade. One of the top banks in the world, Standard Chartered, which has 776 offices around the world and operates in 150 markets, revealed in April that its Hong Kong affiliate was collaborating with The Sandbox. The blockchain-based virtual gaming platform Sandbox is quite well-liked in the cryptocurrency world.
Additionally, Microstrategy recently disclosed a deal with Cowen & Co. to sell up to $500 million in Class A common stock in order to purportedly purchase Bitcoin.