2 min read

British Banking Giant HSBC Offers Wealthiest Clients New Metaverse Fund

By News Desk

HSBC will be offering a new metaverse-focused investment fund to its private banking clients in Asia.

The bank revealed on Wednesday that its new fund called the “Metaverse Discretionary Strategy portfolio” will be focused on investing in five key components of the metaverse ecosystem: Infrastructure, computing, virtualization, experience and discovery, and interface. 

The fund, which HSBC says is designed for high net worth and ultra-high net worth professional investors and accredited investors in Hong Kong and Singapore, will be managed by the bank’s asset management arm.

“The metaverse ecosystem, while still at its early stage, is rapidly evolving,” said Lina Lim, regional head of discretionary and funds for investments and wealth solutions, Asia Pacific, at HSBC. “We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.”

HSBC’s foray into metaverse investing may have been foreshadowed by its recent purchase of digital land in The Sandbox, one of the ecosystem’s leading virtual worlds. The financial giant formed a partnership with the company and became the first financial services firm inside The Sandbox.

Image via Shutterstock

Sebastien Borget, COO and Co-founder of The Sandbox, said:

“We’re pleased to see large, trusted institutions such as HSBC join The Sandbox open metaverse and embrace the culture of Web3, connecting with users through entertainment, gaming and user-generated content. We believe this is the beginning of a broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem.”

Of course, HSBC was only the second major bank to officially open up shop in the metaverse. In February, JPMorgan released a whitepaper on the metaverse, while also revealing that the bank had opened up a new lounge inside Decentraland.

“The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues,” JPMorgan said. The bank said that instead of having stores in every city, major retail brands would instead build a global hub in the metaverse that would be able to serve millions of customers from just one location. The metaverse would also revolutionize “gaming, sports betting and gambling from cash to crypto,” they said.
Newsletter Inline

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Latest Posts

PrimeXBT vs Bybit 2022: Which Exchange is Best for Crypto Trading?

PrimeXBT vs Bybit 2022: Which Exchange is Best for Crypto Trading?

September 27, 2022 26 min read
How to Buy Bitcoin on Binance

How to Buy Bitcoin on Binance

September 26, 2022 7 min read
How to buy Polkadot at FTX
How to Buy Polkadot (DOT) on FTX Exchange
How to buy Polkadot at FTX

How to Buy Polkadot (DOT) on FTX Exchange

September 23, 2022 9 min read
Crypto Safety 101: How to Protect your Crypto

Crypto Safety 101: How to Protect your Crypto

September 22, 2022 44 min read
Blockchain Security: How to Understand Blockchain Audits to Stay Safe in DeFi

Blockchain Security: How to Understand Blockchain Audits to Stay Safe in DeFi

September 21, 2022 26 min read
IDEX Review
IDEX Review 2022: The First Hybrid Approach to Non-Custodial, High-Performance Crypto Trading
IDEX Review

IDEX Review 2022: The First Hybrid Approach to Non-Custodial, High-Performance Crypto Trading

September 14, 2022 37 min read
Using Modern Portfolio Theory to Build a Crypto Portfolio
Using Modern Portfolio Theory and How to Build a Crypto Portfolio
Using Modern Portfolio Theory to Build a Crypto Portfolio

Using Modern Portfolio Theory and How to Build a Crypto Portfolio

September 12, 2022 48 min read

Related Posts

Crypto Safety 101: How to Protect your Crypto

Crypto Safety 101: How to Protect your Crypto

September 22, 2022 44 min read
Blockchain Security: How to Understand Blockchain Audits to Stay Safe in DeFi

Blockchain Security: How to Understand Blockchain Audits to Stay Safe in DeFi

September 21, 2022 26 min read
Top 5 Crypto Scams to Avoid in 2022

Top 5 Crypto Scams to Avoid in 2022

September 7, 2022 30 min read
What is Etherscan and how to use it
Etherscan Review: Public Face of Ethereum
What is Etherscan and how to use it

Etherscan Review: Public Face of Ethereum

August 30, 2022 16 min read
Can you still make money mining Monero
Can You Still Make Money Mining Monero in 2022?
Can you still make money mining Monero

Can You Still Make Money Mining Monero in 2022?

August 27, 2022 16 min read
Crypto Staking Complete Guide
Stake and Earn: Complete Guide to Staking Crypto
Crypto Staking Complete Guide

Stake and Earn: Complete Guide to Staking Crypto

August 25th, 2022 33 min read
What is a rug pull
Crypto Rug Pulls: How To AVOID Them and Keep SAFE!
What is a rug pull

Crypto Rug Pulls: How To AVOID Them and Keep SAFE!

August 13, 2022 15 min read