Singapore’s largest bank buys “virtual” land in Sandbox

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2022-09-15 01:59:42

DBS, one of the largest banks in the Asia-Pacific region, has announced that it will spend money to buy a “virtual” land in the world of metaverse: The Sandbox.

Last September 9th, past official website, DBS – Singapore’s largest bank has announced a partnership with The Sandbox, a decentralized virtual reality platform. Specifically, DBS acquired 3×3 land – a “virtual” real estate on The Sandbox’s metaverse, and then developed “Better World”, a virtual reality platform.

Piyush Gupta, CEO of DBS said:

“The partnership between The Sandbox and Animoca Brands will mark the beginning of the metaverse. We look forward to developing a new platform to bring the world’s attention to ESG (environment, society and government) issues.”

Not only is DBS the first Singaporean company to partner with The Sandbox, DBS is also the first bank to forge into the metaverse. The DBS representative further informed that they will buy carbon offsets, or carbon offsets, to make the BetterWorld metaverse more carbon neutral.

Better World will also use it to profile social entrepreneurs in the Asia region who have an impact on cutting-edge economic development. Since 2014, DBS and DBSF have helped over 800 social entrepreneurs grow their businesses. DBS also said it will work with partners, governments and communities to develop ideas to improve the experience for BetterWorld.

In fact, DBS has made great strides since entering the web3. In 2021, DBS Vickers, the company’s brokerage unit, received a crypto license from the Monetary Authority of Singapore. This allows investors to access crypto through the DBS Digital Asset exchange.

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