In the middle of the ongoing metaverse craze, big companies are setting up shop in the virtual world to get a head start on the coming web3 change. KEB Hana Bank, the largest commercial bank in South Korea, worked with the Sandbox on the most recent upgrade to build a virtual branch in the metaverse.
KEB Hana Bank has the widest range of foreign exchange goods in South Korea. It plans to launch its metaverse brand through the Sandbox collaboration, a blockchain-based world. In light of this, the Korean bank’s metaverse division will be able to improve its main financial services with the help of Sandbox’s virtual environment. KEB Hana has said that it wants to encourage and make it easier for its users to work together and invest with its current Sandbox partners. The Hana Financial Group then said that it would be joining the K-verse, a virtual area with all kinds of Korean content, to attract Gen-Z customers.
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South Korea's KEB Hana Bank has partnered with The #Sandbox to open a virtual branch in the metaverse.
— Watcher.Guru (@WatcherGuru) July 11, 2022
KEB Hana Bank has the widest range of foreign exchange goods in South Korea. It plans to launch its metaverse brand through the Sandbox collaboration, a blockchain-based world. In light of this, the Korean bank’s metaverse division will be able to improve its main financial services with the help of Sandbox’s virtual environment. KEB Hana has said that it wants to encourage and make it easier for its users to work together and invest with its current Sandbox partners. The Hana Financial Group then said that it would be joining the K-verse, a virtual area with all kinds of Korean content, to attract Gen-Z customers.
The vice president of KEB Hana Bank, Jung Kim, then said, “People will interact with Web3 through the metaverse, and we want to be a part of this new trend. This partnership could open the door to a whole new kind of service, especially for younger people.” After So Jung talked about the cooperation, Cindy Lee, the CEO of Sandbox Korea, said that when KEB Hana Bank joins the metaverse to create new types of content, it opens “the next frontier of user-friendly metaverse financial service.”
Shortly after its competitor, Decentraland, hired JPMorgan, the biggest bank in the United States, The Sandbox changed the way it worked with financial institutions. When it opened its “Onyx” lounge in Decentraland earlier this year, JPMorgan was the first bank to join the metaverse. One month after Decentraland’s banking activities, Sandbox announced a partnership with HSBC, which is one of the largest multinational banks and providers of financial services in the world.
Sandbox’s Chief Operating Officer and Co-Founder, Sebastien Borget, said, “This is the start of a larger adoption of Web3 and the metaverse by institutions driving brand experiences and engagement in this new ecosystem.” Suresh Balaji, the Chief Marketing Officer for HSBC’s Asia-Pacific region, added to Borget’s predictions by saying that people will experience Web3, the next generation of the Internet, through immersive technologies like augmented reality, virtual reality, and extended reality.
Several big names in the business world see metaverse as the doorway to the eventual Web3 evolution. The entertainment business is diving into the metaverse at the same time that the traditional financial sector is doing so. In the most recent update, Playboy and Sandbox worked together to build a “MetaMansion” and add NFTs to the metaverse. The media company will put up a virtual copy of its famous party house in Sandbox’s virtual world.
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