A new covenant – Whether the Singapore government is grappling with cryptocurrencies, a private company embraces them. Indeed, the 1D Singapore bank named DBS has announced that it is a partner of The Sandbox.
A big bank in the metaverse
Friday, September 9, the 1D Singapore bank named DBS has announcement be a partner of The Sandbox. The Development Bank of Singapore is a major financial services group in Asia. This bank is neither more nor less than the first bank in Southeast Asia by its assets. This partnership wants to create an interactive metaverse experience called “ DBS Betterworld”.
This partnership therefore makes DBS the first Singaporean bank to dive into the metaverse like JP Morgan which was the world’s first bank to embark on an adventure. The press release also states that DBS is the first company in Singapore to sign a partnership with The Sandbox. DBS should do theacquisition of a 3×3 plot of LAND which corresponds to the unit of virtual real estate of this metaverse. They also specify that they will develop this platform with immersive elements.
” Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities. »
Piyush Gupta – Managing Director of DBS Group
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A participatory and ecological metaverse?
DBS wants DBS Betterworld to be an additional engagement platform to continue advancing important causes. The company strongly supports on ESG concerns which will be featured on the platform. To enrich the experience of its metaverse DBS emphasizes that it will work with partners and collaborators from all walks of life. Government, community, business and technology sectors will cooperate to develop meaningful concepts to enrich the experience offered.
DBS announced that it will buy carbon offsets, so that DBS Betterworld’s terrain and production are neutral. This partnership with The Sandbox is in line with its development plan in the world of cryptoassets. Indeed, the bank plans to continue to grow your cryptocurrency business despite the bear markets. She wants to improve her digital exchange and offer more crypto services to her customers.
DBS has $686.07 billion in assets in 2021 and holds dominant positions in many financial areas. A timely partnership for The Sandbox after a complicated week.
This news falls 5 days later the announcement of the partnership with Renault. The Sandbox therefore seems to be doing well and have the trust of institutions. Let’s hope that DBS’ ecological desires are very real, and remember that buying carbon credits does not really make production CO2 neutral, as nature does not accept cash, credit cards or cryptos.
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