Singapore-based bank DBS announced today (September 9) that it will buy land in the metaverse to create and build a virtual community.
The partnership with The Sandbox, a decentralized metaverse gaming platform, will allow DBS to build new services for clients in the metaverse.
“We welcome DBS to The Sandbox as the first bank in Singapore to step into the open metaverse and join our efforts to create the SingaporeVerse, a neighbourhood on our virtual map that will bring the culture of Singapore to life in the metaverse”Sebastien Borget, Co-Founder and CEO of The Sandbox
DBS is the first company in Singapore that has partnered with The Sandbox and it is also the first Singapore bank to enter the metaverse.
The project will be known as “DBS BetterWorld” and it will explore opportunities in Web3.0 that would benefit its customers.
DBS said it will acquire a 3×3 plot of land in The Sandbox metaverse and it will work with The Sandbox to ensure that the land and production on DBS BetterWorld will be carbon neutral.
DBS x Crypto
Earlier this week, DBS also announced plans to grow its cryptocurrency and digital assets business. It is planning to expand its digital exchange and extend services to more of its 300,000 wealthy clients in Asia.
DBS just received its cryptocurrency licence from the Monetary Authority of Singapore (MAS) last year which allows institutional investors access to DBS digital exchange.
The bank has less than 1,000 members but will soon offer its services to 300,000 of its wealthy clients across Asia including private banks, accredited investors, other exchanges and funds.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: DBS Bank