HSBC Bank Will Allow Wealthy Customers To Invest In The Metaverse

The HSBC Bank will allow wealthy Asian customers to invest in the metaverse and they will now be able to allocate funds to a new set of products in the metaverse as we can see in our latest crypto news.

HSBC was a strong critic of crypto in the past but continued with its involvement with the Metaverse after the new partnership with The Sandbox. The new initiative will allow Hong Kong and Singaporean investors to invest inc companies that are focusing on the metaverse trend. Citing a statement from April 6, Reuters reported that the new funds will be available for rich clients and will allow them to invest in companies that develop their versions of the Metaverse from the Silicon Valley.

The HSBC Bank and its management team will run the Metaverse Discretionary Strategy that will focus on investing in five primary segments such as interface computing, virtualization, infrastrcuture, experience, and discovery. The regional head of discretionary funds for investmetns Lina Lim said:

“The Metaverse ecosystem, while still at its early stage, is rapidly evolving. We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.”

This is the bank’s second foray into the Metaverse industry in the past month. HSBC as a formal vocal critic of the crypto industry partnered with Animoca Brands’ subsidiary The Sandbox and aside from getting into the metaverse, the collaboration allowed the bank to purchase virtual real estate in LAND form.

Wells Fargo is a leading American financial services organization while HSBC Bank is a major British monetary institution that will employ a blockchain-based product that will settle matched foreign exchange transactions. With the partnership, HSBC and Wells Fargo will use a shared ledger to process operations with Canadian Dollars, US dollars, Euros, and British pounds with more plans to extend the additional currencies in the near future. According to the recent press release, the blockcahin technology will provide the two banking giants with transparency of settlement status for the Forex transactions in the currencies mentioned.

The solution will allow both entities to utilize the Payment vs Payment operations and it is expected to reduce the risks and costs of processing the foreign exchange settlements. Mark Jones the co-head of Macro at Wells Fargo revealed that this is the first time that blockchain technology will be used in such a manner.