On September 9, DBS, Singapore’s largest bank, announced a partnership with The Sandbox, a decentralized virtual reality platform. Through this, DBS will build a metaverse experience and acquire land at The Sandbox.
According to the official announcement, DBS will buy 3×3 land – virtual real estate in the metaverse of The Sandbox. In this way, DBS will develop “Better World”, the virtual reality platform.
“The partnership between The Sandbox and Animoca Brands will mark the beginning of the metaverse. We look forward to developing a new platform to bring the world’s attention to ESG (environment, society and government) issues,” said Piyush Gupta, CEO of DBS.
DBS is the first Singaporean company to partner with The Sandbox and the first bank to forge into the metaverse. The bank says the company buys carbon offsets, or carbon offsets, to make the BetterWorld metaverse carbon neutral.
DBS will use the platform to provide profiles to social entrepreneurs in Asia who influence the cutting-edge economic development model. Since 2014, DBS and DBSF have helped over 800 social entrepreneurs grow their businesses.
In addition, DBS will work with partners, governments, and communities to develop ideas to improve the experience for BetterWorld.
DBS has made great strides since entering the web3. In 2021, DBS Vickers, the company’s brokerage unit, received a crypto license from the Monetary Authority of Singapore. This allows investors to access crypto through the DBS Digital Asset exchange.