Banking giant HSBC has filed a trademark application for financial services in the meta universe
British bank HSBC is preparing to enter the metaworld market for virtual financial services. Patent attorney Mike Condudis announced this on his Twitter page, citing the bank’s application.
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Source: twitter.com
It appears from the application that the bank is interested in providing financial services in the meta-universe, consulting and virtual credit card processing. The bank also wants to use non-exchangeable tokens (NFT) to verify digitized documents. It’s unclear when the bank intends to officially enter the virtual reality market.
In December 2022, HSBC also trademarked the NFT marketplace and its meta-universe. The details of the projects are still unclear. HSBC has publicly decided not to comment on the trademark registration.
Before, the bank had also shown interest in virtual reality. For example, in the spring of 2022, HSBC bought a virtual plot of land at The Sandbox to develop gaming initiatives in cybersports. According to Suresh Balaji, head of marketing for Asia Pacific at HSBC, the bank sees “great potential” to create new experiences through gaming platforms. Financial details of the deal are still unknown, but the bank likely suffered a loss given the collapse of the virtual real estate market.
Despite its interest in NFT and meta-universes, the bank is critical of the cryptocurrency market. For example, HSBC was the first financial institution that banned customers from trading MicroStrategy shares because of the company’s billion-dollar bitcoin buyout. Noel Quinn, head of Europe at HSBC, said in May 2021 that the bank would not support cryptocurrencies or launch a platform for trading them.
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