HSBC Holdings has unveiled a fund for metaverse opportunities for its private banking customers in Hong Kong and Singapore, according to a report by Bloomberg on Wednesday.

  • The discretionary portfolio will focus on investing in companies within the metaverse platforms and seeks to capture the growth opportunities globally over the next decade.
  • Last month, HSBC joined the metaverse ecosystem after acquiring a platform aimed at sports, esports, and gaming enthusiasts, following Wall Street giant JPMorgan Chase & Co.
  • The bank is expanding further into the cryptos and the blockchain ecosystem even after CEO Noel Quinn had initially stated that the bank had no plans to start a crypto trading desk.
  • Nicholas Dowell, portfolio manager at HSBC Asset Management in London, stated that the metaverse is seen as the phase in the evolution of the Internet.

The metaverse combines aspects of digital technologies, including video-conferencing, games, cryptocurrencies, virtual reality, social media, email, and live-streaming. HSBA down -1.08%