DBS, the largest bank in Southeast Asia, has entered the Metaverse.

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Last Updated on September 11, 2022 by Bitfinsider

DBS, the largest bank in Southeast Asia, announced a partnership with The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain, on Friday.

The partnership’s goal is “to create DBS Better World, an interactive metaverse experience showcasing the importance of building a better, more sustainable world, and inviting others to come alongside,” according to the announcement.

“Under the partnership, DBS will acquire a 33 plot of LAND — a virtual real estate unit in The Sandbox metaverse — to be developed with immersive elements,” the bank explained.

“The metaverse presents exciting opportunities to redefine how we live, work, and interact with one another,” said DBS Hong Kong CEO Sebastian Paredes. “We’ve been dabbling in this space, and our own young technologists have been given the freedom to develop experimental concepts in the metaverse.”

DBS announced last month that crypto trading volumes on its digital asset exchange had increased significantly. “Investors who believe in digital assets’ long-term prospects are gravitating toward trusted and regulated platforms to access the digital asset market,” the bank explained.

Standard Chartered Bank, JPMorgan, and Fidelity Investments are among the other banks and investment firms with a presence in the metaverse.

Analysts at the Bank of England stated in August that crypto assets could play important roles in the metaverse. Goldman Sachs predicted earlier this year that the metaverse could be a $8 trillion opportunity. According to McKinsey & Company, the metaverse will generate $5 trillion by 2030. Citi predicts that the metaverse economy will be worth between $8 trillion and $13 trillion by 2030.

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