Global banking giant HSBC Holdings has rolled out its Metaverse investment product for high-net-worth clients in Singapore and Hong Kong, according to multiple media outlets.
Called the Metaverse Discretionary Strategy Portfolio, the new product is managed by HSBC’s asset management arm, HSBC Asset Management. The fund aims to provide high net worth professional investors and accredited client investors exposure to new investment opportunities in the metaverse industry.
According to a report published by Reuters on Wednesday, HSBC’s metaverse fund focus on investing in five major segments of the metaverse ecosystem; namely, infrastructure, computing, virtualization, experience and interface.
“We see many exciting opportunities in this space as companies from different backgrounds and sizes flock to the ecosystem,” said Lina Lim of HSBC Asia Pacific.
Nicholas Dowell, portfolio manager at HSBC Asset Management in London, reportedly Noted that the metaverse concept is important to HSBC as a major step in the evolution of the Internet, stating:
“The Metaverse is seen by many as the next step in the evolution of the Internet, with the effect it is having on our daily lives set to be as impactful as we saw in the early 90s.”
HSBC did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.
On March 16, HSBC officially announced plans to purchase land in the virtual reality world of blockchain game The Sandbox for an undisclosed amount. Managing $2.4 trillion in assets, HSBC specifically plans to focus on financial education offerings and work with sports partners, brand ambassadors and Animoca brands to co-create educational experiences.
By engaging in the metaverse industry, HSBC became one of the first major banks in the world to open its own virtual reality space. In February, investment bank JPMorgan became the first major bank to join the metaverse by launching a blockchain-based virtual trade show in Decentraland to capitalize on a $1 trillion market opportunity.
Related: Crypto trading will move to the metaverse, developer-focused study finds
While making progress with the adoption of the metaverse, HSBC has not been a big fan of cryptocurrencies like Bitcoin (BTC). In September 2021, HSBC Group CEO Noel Quinn highlighted the company’s commitment to supporting central bank digital currencies while highlighting skepticism about the risks associated with cryptocurrencies and stablecoins. He previously argued that HSBC was not interested in running a crypto trading desk or offering crypto investment services to its clients.