Thailand’s largest bank has become the latest institution to capitalize on the metaverse coin craze, with a department announcing its plans to center in a version of the internet that is still taking shape.
SCB 10X opens headquarters in Sandbox
SCB 10X Co, which oversees Siam Commercial Bank’s investments in tech startups, announced on Monday that it has launched a blockchain-based metaverse platform, The Sandbox. It will be the first global banking group entity to develop a headquarters. The virtual world is scheduled to be ready for public visits by the fourth quarter of this year. The physical head office of SCB 10X is in Bangkok.
Siam Commercial has joined HSBC Holdings and JPMorgan Chase to enter the metaverse coin market. Still, it’s unclear what tangible benefits would come from building a metaverse store, which advocates envision as a more immersive version of the internet, accessible through virtual or augmented reality glasses. The virtual hub of SCB 10X will consist of three service zones, including a space for partners to collaborate on activities and projects, and a hub to support local artists through the NFT token marketplace and gallery. Siam Commercial established SCB 10X in 2020 with what it calls its “lunar mission” to drive growth through technology innovations and investments, according to its website.
Metaverse coin price surpassed its March peak
The Sandbox is an Ethereum Blockchain-based virtual world that allows users to create, build, buy and sell assets in the form of a game. As quoted by Kriptokoin.com, the SAND token price has gained more than 6% today and is trading at $3.62. The March high of $3.5 was broken strongly in the timeframe where Bitcoin surpassed $47,000. However, SAND’s ATH level is $8.44 and is currently trading 57.23% below that price.
Sandbox is the 40th largest cryptocurrency with a market cap of $4 billion. Binance has the largest SAND/BUSD trading volume of $7,015,941 through March 2021.
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