The metaverse is the next generation of the Internet (Web3), which will allow people to interact with the internet using sophisticated technologies like virtual reality, and extended reality.
While Metaverse’s popularity starts to increase day after day, major companies start to be convinced that the metaverse will revolutionize and started to show attention to participate in this virtual world; Even banks and financial institutions started to provide their professional banking services in the Metaverse by establishing their own Metaverse banks.
Metaverse banks in the Decentraland
After JP Morgan, the US-based bank, has announced that it has started the future of digital banking after establishing its first virtual branch in the Metaverse in the Decentraland virtual world (MANA), the UK-based bank, HSBC, immediately followed it by buying new virtual land and virtual real estate in the Sandbox virtual world to begin his own banking in metaverse too.
Metaverse banks in the Sandbox
Suresh Balaji, the chief marketing officer, of HSBC, tweeted:
At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and for the communities we serve. Through our partnership with The Sandbox, we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive, and accessible.”
According to Mike Kondoudis, American Express (AXP) also wanted to be one of the first Metaverse banks and institutions, so started yesterday a legal registration and trademark application for its Metaverse logos, AMEX, Centurion card transactions for preparing for non-fungible tokens (NFT), and Virtual banking.
AMERICAN EXPRESS has filed 7 trademark applications for its logos and— Mike Kondoudis (@KondoudisLaw) March 15, 2022
Indicating plans to offer
✅NFT backed multimedia
✅Virtual banking + exchange services#NFTs #Metaverse #web3 pic.twitter.com/g06qSTUDYH