HSBC Bank enteres the Metaverse trend

HSBC is now the 'latest' financial institution to debut in the Metaverse directly related to the cryptocurrency industry. The company has announced the acquisition of a virtual property as part of its Sandbox project. The virtual land is to be used within the growing e-sports industry and 'play-to-earn' platforms.

"Metaverse is how people will experience Web3 or the next generation Internet using immersive technologies such as augmented reality, virtual reality and augmented reality," conveyed HSBC's head of marketing Suresh Balaji also adding that "HSBC sees huge potential in creating new experiences through new platforms that open up new opportunities for our current and future customers and the communities we serve." 

Through its established partnership with Sandbox, HSBC has debuted a virtual alternative world known as Metaverse. The company aims to offer innovative experiences to the bank's existing and new customers. The bank also intends to expand its marketing into partnerships in the world of e-sports and create a network of brand ambassadors brands who will co-create events in the Metaverse.

Joining the trend was also recently confirmed by Siam Commercial Bank, a Thai bank. In February this year, the largest US bank JPMorgan became the first bank to open a virtual branch within the Decentraland platform. At the same time, American Express has announced applications to register a trademark to operate in virtual reality.

According to Sebastian Borget, Sandbox's chief operating officer, these events are just the beginning of a growing trend and the beginning of the adoption of Web 3.0 technologies by global financial institutions, which confirm their commitment to the latest trends that are popular especially among the new generation of market participants.

Cryptocurrency industry enthusiasts interpret such news as very bullish signals for the future of the digital asset industry, which is largely responsible for the financial evolution thanks to blockchain technology and the support of the latest trends in the world of programming and the creation of virtual worlds. The cryptocurrency industry has recently declared its interest in quite a few global institutions. The price of Bitcoin continues to consolidate around 39,000 USD to 41,000 USD and is not reacting euphorically to this news which may indicate that potentially many retail investors have already left the market. The cryptocurrency industry has recently lost momentum in the face of escalating action and the exodus of some risk-averse investors. 

At the same time, data from Glassnode shows that there has not been a massive sell-off of major Bitcoin holders recently, with long-term addresses unwilling to sell their Bitcoin at current price levels and are carrying out accumulation. This could potentially help Bitcoin climb to new highs. 

Ethereum chart, H4 interval. The price of Ethereum has been moving in a downtrend since November 2021, however, the declines have slowed down around the price of 2100 USD. The price of the cryptocurrency is currently testing the level of the 23.6 Fibo retracement at the level of 2800 USD. In case of overcoming the resistance, the next key barrier can be considered the retracement at the level of 38.2, where previously the price met resistance and retreated after testing the levels of 3300 USD. In the short term, Ethereum clearly encounters strong demand in the vicinity of 2500 USD, limiting declines. Thus, further upward movement and testing of further resistance levels is not excluded. Source: xStation 5