Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Southeast Asia’s Largest Bank DBS Enters Metaverse – Metaverse Bitcoin News
DBS, the largest bank in Southeast Asia, says it is “the first bank in Singapore to enter the metaverse.” A DBS executive explained that “The Metaverse offers exciting opportunities to redefine how we live, work and engage with each other.”
DBS Entering the Metaverse
Southeast Asia’s largest bank, DBS, on Friday announced a partnership with The Sandbox, a virtual world where players can build, own and monetize their gaming experiences on the Ethereum blockchain.
The goal of the partnership is “to create DBS Better World, an interactive metaverse experience that demonstrates the importance of building a better, more sustainable world and invites others to come together,” the announcement describes, adding:
The partnership makes DBS the first Singapore company to seal a partnership with The Sandbox and the first bank in Singapore to make a foray into the metaverse.
“Under the partnership, DBS will acquire a 3×3 plot of LAND – a unit of virtual real estate in The Sandbox metaverse – which will be developed with immersive elements,” the bank said in detail.
“The metaverse offers exciting opportunities to redefine how we live, work and engage with each other,” said Sebastian Paredes, CEO of DBS Hong Kong. “We’ve gotten wet in this space, and our own young technologists have been given the freedom to develop experimental concepts in the metaverse.”
DBS CEO Piyush Gupta commented: “Over the past decade, the biggest changes in the world of finance have been catalyzed by digital advances. In the coming decade, driven by new technologies such as artificial intelligence and blockchain, these changes have the potential to be even more profound.” He meant:
Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities.
DBS said last month that crypto trading volumes on its digital asset exchange had risen. “Investors who believe in the long-term prospects of digital assets gravitate towards trusted and regulated platforms to access the digital asset market,” the bank explained.
Other banks and investment firms that have established a presence in the metaverse include Standard Chartered Bank, JPMorgan and Fidelity Investments.
In August, Bank of England analysts said that cryptoassets could have important roles in the metaverse. Earlier this year, Goldman Sachs said the metaverse could be an $8 trillion opportunity. McKinsey & Company expects the metaverse to generate $5 trillion by 2030. Meanwhile, Citi has predicted that the metaverse economy could grow to between $8 trillion and $13 trillion by 2030.
What do you think of Southeast Asia’s biggest bank, DBS, entering the metaverse? Let us know in the comments section below.
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