(Bloomberg) Banking giant HSBC has created a fund that seeks to catapult wealthy private banking clients in Hong Kong and Singapore into the $800 billion world of virtual realities.
HSBC Asset Management will be in charge of the metaverse fund, which will consist of a portfolio of firms within the virtual reality ecosystem.
The UK lender says the move seeks to capitalize on the growth opportunities over the next decade. The bank says that the metaverse is the next stage of the evolution of the internet and will affect the daily lives of people globally.
The latest announcement comes barely a month after the lender bought a plot in the metaverse for sports, esports, and gaming.
HSBC’s metaverse moves happen despite CEO Noel Quinn saying that the bank has no intentions for a crypto trading desk or selling of digital currencies.
HSBC: NYSE is down -0.20% on premarket
