Thailand’s largest bank, Siam Commercial Bank (SCB), is embracing the metaverse trend by announcing plans for its virtual headquarters in The Sandbox, a blockchain-based metaverse platform.
SCB 10X Co, the department overseeing SCB’s tech startup investments, aims to become the first global banking entity with a presence in The Sandbox, with the virtual headquarters expected to be open for public visits by the fourth quarter of the year.
This move follows the trend of major banks like HSBC and JPMorgan entering the metaverse space, although the specific advantages of having a metaverse presence for financial institutions remain to be seen.
The virtual hub by SCB 10X will feature collaborative spaces for partners, as well as support for local artists through an NFT token marketplace and gallery. SCB 10X was established in 2020 to drive growth through technology innovations and investments.
Metaverse coin price surpasses March peak
The Sandbox, operating as a virtual world based on the Ethereum Blockchain, enables users to engage in activities such as creating, building, buying, and selling assets within a gaming environment.
As reported by Metaverseplanet.net, the SAND token has experienced a gain of over 6% today, reaching a trading price of $3.62. This increase coincides with Bitcoin surpassing the $47,000 mark.
Despite breaking the March high of $3.5, SAND’s all-time high (ATH) stands at $8.44, reflecting a current trading value that is 57.23% below the ATH.
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