Southeast Asia’s largest bank, DBS, says it is “the first bank in Singapore to enter the Metaverse”. “The Metaverse presents an exciting opportunity to redefine the way we live, work and relate,” explained a DBS executive.
DBS Enters the Metaverse
Southeast Asia’s largest bank DBS announced Friday a partnership with The Sandbox, a virtual world where players can build, own and monetize gaming experiences on the Ethereum blockchain.
The purpose of the partnership is to “create DBS Better World, an interactive social media platform that demonstrates the importance of building a better, more sustainable world and of inviting others to participate. It’s a Metaverse experience,” the announcement explained, adding:
The partnership makes DBS the first Singaporean company to partner with The Sandbox and the first bank in Singapore to enter the Metaverse.
“Under the partnership, DBS will acquire a 3×3 parcel of LAND (the unit of virtual real estate in The Sandbox metaverse), which will be developed with immersive elements,” Bank details.
Sebastian Paredes, CEO of DBS Hong Kong, said: “We are stepping into this space, and our own young technologists are being given the freedom to develop experimental concepts in the metaverse.”
DBS CEO Piyush Gupta commented: Over the next decade, these changes are likely to become even more acute, fueled by new technologies such as artificial intelligence and blockchain. ’” he said.
Metaverse technology continues to evolve, but it also has the potential to fundamentally change the way banks interact with their customers and communities.
DBS said last month that cryptocurrency trading volume on digital asset exchanges was soared“Investors who believe in the long-term prospects of digital assets gravitate toward trusted and regulated platforms to access the digital asset market,” the bank explained.
In August, analysts at the Bank of England said crypto assets important role in the metaverse.Earlier this year, Goldman Sachs announced that the Metaverse $8 Trillion OpportunityMcKinsey & Company expects the metaverse to produce. $5 trillion by 2030On the other hand, City predicted The Metaverse economy could grow from $8 trillion to $13 trillion by 2030.
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