HSBC opens metaverse store as it shuts branches

HSBC has opened a store in the metaverse as it closes branches in the real world. The bank has bought a plot of virtual land in the Sandbox, the online gaming space majority-owned by Hong Kong’s Animoca Brands. The bank did not say how much it paid for the land, which it will use to engage with its customers and sports and gaming fans in the metaverse. Suresh Balaji, HSBC’s chief marketing officer in the Asia-Pacific region, said: “The metaverse is how people will experience the future of the internet – Web 3.0 – using immersive technologies like augmented reality, virtual reality and extended reality. “Through our partnership with the Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers.” This week, HSBC confirmed that it will be closing a further 69 branches in the UK, taking its physical branches down to 441. The Times (£)