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Crypto and the Metaverse are decentralized without the need for a central authority, and banks are generally considered public enemy number one when it comes to crypto.<\/p>\n
As the reach of Crypto and Web3 widens, however, the lure of the metaverse is becoming attractive to banks. And since regulation has been opening up around the world, we have seen some banks dip their toes into the space.<\/p>\n
The metaverse is gaining traction with developers and gamers<\/a>, but banking institutions also want a piece of the action.<\/p>\n HSBC made its entrance into The Sandbox Metaverse by acquiring some LAND, a significant event for Web3. As one of the largest financial institutions globally, HSBC\u2019s move certainly benefits Web3, but of course, they see the potential it has for themselves.<\/p>\n Speaking of the move<\/a> into the Web3 space, former HSBC CMO Suresh Balaji said the institution sees \u2018great potential to create new experiences\u2019 and \u2018open up a world of opportunities\u2019 for their customers.<\/p>\n J.P. Morgan isn\u2019t letting its rivals gain the advantage, as the American banking giant has planted its flag in Decentraland, a rival of The Sandbox\u2019s metaverse. They have created a virtual lounge<\/a> inside one of the malls there.<\/p>\n The Lounge is the perfect place to learn all about the Metaverse and stay abreast of J.P. Morgan\u2019s upcoming projects. By exploring its educational resources, users will be able to keep on top of what\u2019s happening in this dynamic space.<\/p>\n With mega banks buying virtual land<\/a> and taking a social approach to these projects, it\u2019s sure to be an exciting development for anyone who enjoys interacting virtually.<\/p>\n While many believe banks wouldn\u2019t touch the metaverse and anything crypto with a bargepole, nothing could be further from the truth.<\/p>\nBanks Aren\u2019t New to Investing in Crypto Space<\/h2>\n