HSBC, a British multinational investment bank with assets worth over US$2 billion, has launched a metaverse fund for its wealthy clients in Asia, starting with Hong Kong and Singapore.
The Discretionary Strategy portfolio, to be managed by HSBC Asset Management, will reportedly focus on investing in the digital sector, particularly in five segments: infrastructure, computing, virtualisation, experience, and interface.
We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.
Lina Lim, managing dIrector, HSBC
HSBC is joining the NFT train, which now has top-notch passengers on board from all kinds of industries, especially in the tech field. Crypto News Australia previously reported how a US$69 billion metaverse deal would make Microsoft the world’s #3 gaming company in revenue terms.
It’s worth noting that this isn’t the first time HSBC has pushed into the metaverse. A few weeks ago, Crypto News Australia reported that HSBC had bought a considerable amount of LAND in Sandbox – a blockchain-based metaverse – so esports and gaming fans can connect.
You’re Still Not Allowed to Buy Crypto
Crypto Twitter had a mixed reaction to the news. Some claimed it was a big move by the investment bank that could further expand adoption and awareness of blockchain technology and NFTs. However, some are still frustrated over HSBC’s deliberate decision of suspending the purchase and withdrawal of cryptocurrencies on crypto exchanges:
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