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DBS Financial Services Teams Up With The Sandbox

DBS Financial Services Teams Up With The Sandbox

SandBox ($SAND), a virtual world powered by Ethereum and considered a sub-branch of Animoca Brands, and DBS, an Asian group for financial services based in Singapore, have announced a collaboration. Prior to August of 2020, Binance Research defined SandBox. The research department of a prominent cryptocurrency exchange has concluded that The SandBox is an Ethereum blockchain-based virtual world.

Top Bank of Singapore Joins Forces with The Sandbox

In the words of Binance Research, this creates a way for gamers to make money off their hobby. Essentially, The SAND token can be put to three different purposes. These think about administration, betting, and exchanging value. The platform allows participants to create NFT-based digital assets. Then, players will be able to upload them to a marketplace for non-fungible tokens and use the Game Maker to incorporate them into games.

According to the press release, DBS is the first company operating under Singaporean jurisdiction to have collaborated with The Sandbox, and the two parties are working together to create a shared experience of the Metaverse world under the project name “DBS BetterWorld.” And it’s the first Singaporean bank to enter the Metaverse, having taken the pioneering role that was previously held by a Japanese financial institution.

DBS Bank Bought a 3×3 Plot of Sandbox Metaverse Real Estate

In the Metaverse of The Sandbox, the venue will be given a LAND plot of 33 length, a form of virtual real estate. When asked what he thought drove digital innovation over the past decade, DBS CEO Piyush Gupta cited the dramatic shifts that have taken place all over the world. The executive predicts that the next decade will be marked by rapid development thanks to blockchain, AI, and other cutting-edge technologies.

According to him, the implications of each development could be much larger. Gupta went on to assert that the Metaverse technology will play a significant role in this development, despite the fact that it is still in its early stages at the moment. The way banks interact with their communities and customers, he argues, will undergo “fundamental change” as a result of the Metaverse.

According to a report published by Financial Times on September 6th, the banking giant plans to expand into the digital exchange thereof and to serve nearly 300,000 wealthy consumers in the Asian region.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.