Banking Behemoth HSBC Starting New Metaverse Fund for Its Private Clients: Report

British-based multinational bank HSBC is reportedly offering a new metaverse fund for high worth to ultra-high net worth private clients in Asia.

According to Reuters, HSBC has launched a “Metaverse Discretionary Strategy” portfolio, which invests in the infrastructure, computing, virtualization, experience and discovery of the metaverse ecosystem.

The metaverse is an emerging sector in crypto that allows users to work, socialize and play in an alternate world that merges real and virtual spaces. The metaverse is where the nascent crypto sectors of non-fungible tokens (NFTs) and play-to-earn gaming meet.

Says Lina Lim, regional head of discretionary and funds for investments and wealth solutions, Asia Pacific, at HSBC.

“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.”

The discretionary portfolio is reportedly aimed at highly affluent investors and accredited investor clients in Hong Kong and Singapore.

The report about HSBC’s new fund comes after the bank inked a deal with play-to-earn blockchain game The Sandbox (SAND) to purchase a plot of virtual land on its platform. HSBC plans to develop and use the digital real estate to engage with esports and gaming enthusiasts in the metaverse.

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