Singapore's largest bank DBS establishes a relationship with The Sandbox through the purchase of land

Singapore's largest bank DBS has announced a partnership with The Sandbox in an effort to increase its institutional presence into the metaverse space.

Singapore's largest bank DBS establishes relationship with The Sandbox through the purchase of land

As part of the partnership, DBS will create a metaverse experience through the purchase of a 3x3 plot of land in The Sandbox to develop “BetterWorld” – a virtual world that simulates the location of a bank to demonstrate the importance of building a better and more sustainable world.

DBS says it is the first Singapore company to partner with The Sandbox and the first local bank to break into the metaverse. In addition, the bank also confirmed that they will also buy excess carbon, offset this campaign to help fulfill the Web3 carbon neutrality goal.

“Our partnership with The Sandbox and Animoca Brands marks the beginning of an exciting twist as we push the boundaries of what can happen in the metaverse.

We also look forward to exploiting the metaverse as an additional creative platform to spread information on important environmental, social and governance issues in order to attract public attention and partners are working well to resolve them.”

DBS's latest move follows the bank's considerable efforts in the crypto industry. Last year, the bank's brokerage arm, DBS Vickers, received a crypto business license from the Monetary Authority of Singapore (MAS), allowing its institutional clients access to the Digital Exchange. Their DBS by invitation.

In addition, DBS also provides crypto custody solutions, becomes a member of the Hedera Hashgraph Council, expands crypto services for individual investors, and collaborates with JPMorgan to launch a payment platform cross-border computing with blockchain technology.

However, DBS is only one of the famous big banks that has been persuaded by the "attractiveness" of The Sandbox in recent times. Because, since the beginning of 2022, if Decentraland (MANA) has always been the leading platform chosen by many organizations to launch simulated events in the virtual world, The Sandbox is "unique" in the field of virtual reality. real estate, creating a gateway to the metaverse for the traditional financial world, including some popular names that have bought land in The Sandbox such as Big4 PwC, HSBC Bank and Standard Chartered Bank.

Fox Crypto News

Sep 11, 2022

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