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Major Financial Services Firm DBS Teams Up With The Sandbox

DBS, which is an Asian group for financial services based in Singapore, declared a collaboration with SandBox ($SAND), a virtual world powered by Ethereum as well as considered a sub-branch of Animoca Brands. Binance Research defined SandBox previously in 2020’s August. As per the research arm of the well-known crypto exchange, The SandBox is considered a virtual world, created on the blockchain of Ethereum.

Top Bank of Singapore Joins Forces with The Sandbox

It, according to Binance Research, provides the opportunity to monetize the players’ gaming experiences. There are three uses of The SAND token. These take into account governance, staking, and the transaction of value. It provides the opportunity for the players to develop digital assets in NFT form. After that, they can be uploaded to the non-fungible tokens marketplace, with players having permission to utilize the Game Maker to integrate them into games.

The goal of the respective collaboration is to form a cooperative experience of the Metaverse world under the project named “DBS BetterWorld.” As mentioned in the press release, the collaboration makes DBS the initial company working within the Singaporean jurisdiction to have collaborated with The Sandbox. In addition to this, it has occupied the place of the initial bank in Singapore to get into the field of the Metaverse.

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DBS Bank Acquired a 3×3 Piece of Virtual Land in the Metaverse of The Sandbox

As mentioned by DBS, the venue will obtain a LAND plot of 3×3 length as a real estate of a virtual kind in the Metaverse of The Sandbox.  DBS’ CEO, Piyush Gupta, stated that during the former decade, digital advancements have been driven by the drastic changes that occurred around the globe. According to the executive, blockchain technology, artificial intelligence along with other innovative technologies will drive advancement in the impending decade.

The respective advancements, in his words, are potentially more vast-ranging. Gupta moved on to claim that the role of the Metaverse technology will be quite significant in this evolution, even though it is in its evolving phase presently. As he puts it, the method through which the banks communicate with communities and consumers will be modified on its core level by the Metaverse space.

On 6th September, a report by Financial Times pointed out that the banking giant intends to have expansion in the digital exchange thereof as well as to provide services to nearly 300,000 rich consumers living in the Asian region.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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