In addition to certified investor customers, the HSBC Metaverse Discretionary Strategy portfolio is developed exclusively for wealthy investors. The move follows recent investment plans in blockchain technology company ConsenSys as well as metaverse estate over the course of the last months.
New Metaverse Investment Portfolio
In Hong Kong and Singapore, HSBC Holdings recently introduced a fund concentrating on investment possibilities in the virtual world for high-net-worth individuals and families. Several major areas of the virtual world will be covered under the Metaverse Discretionary Strategy portfolio, as reported by Bloomberg. These sectors include infrastructure and computing, virtualization, expertise and exploration, and interface.
Lina Lim, the company’s investment and wealth department leader for the Asia Pacific, stated that the “metaverse ecosystem, although it is in the early stages, is fast expanding.” In addition, she said, “we see several intriguing potentials in this sector as organizations of all origins and levels are pouring into the system.”
The program is tailored exclusively for wealthy professional investors and authorized investor customers. “the fund aspires to exploit [metaverse] growth potential internationally” and is under the control of HSBC Asset Management. In a report released last year, PricewaterhouseCoopers predicted that the worldwide metaverse market’s worth will grow from about $45.41 billion in 2019 to over $1.5 trillion by 2030. However, according to a forecast released last Thursday by investment banking giant Citigroup, that sum will rise to $8-12 trillion by 2030.
HSBC Opens Its Doors To The Digital World
HSBC looks to be a lot more enthusiastic about metaverse investing than it is about cryptocurrency right now. The company has always had a negative attitude about cryptocurrency in general. After expressing reservations about the instability and transparency of crypto, the CEO of HSBC, Noel Quinn, declared in May last year that the bank has no intentions to set up a cryptocurrency trading department or invest in virtual currencies on behalf of customers. After a market meltdown, he made his remarks, which were ascribed to Chinese official statements about “clamping down on BTC mining and crypto trading activity.”
However, in November, HSBC invested in a $200 million fundraising project for blockchain technology company ConsenSys, indicating that the bank may be shifting its position a little. The bank is considerably more upbeat and optimistic in terms of the virtual world. A spokesperson for HSBC, Suresh Balaji, the Chief marketing leader, has said that the metaverse “will be how users will enjoy web3, the latest development on the internet.”
The company has also invested in Metaverse estate through the Sandbox platform. However, when JP Morgan launched a lounge o the Decentraland platform in February, it made history as the first major financial institution to do so in the virtual world.