Cryptocurrencies are gradually replacing the banking system, but WEB3/ NFT/ Metaverse opens the virtual presentation door for all. KEB Hana Bank is the first bank to enter this system with the help of Sandbox.
Introduction
Sandbox is a virtual world created on the Ethereum network that was originally developed by Pixowl Inc in 2012, while KEB Hana Bank is an international bank with branches in 24 countries, and HQ in South Korea, which was created by the merger of Korea Exchange Bank and Hana Bank, in 2015.
Good Move For Both
- For Bank - The virtual version will be a groundbreaking move; the bank will be able to provide its workers the ability to work from home and will deliver all of its services to customers via "online banking."
- For Sandbox - Sandbox is the third-largest metaverse platform right now behind HyperVerse and Decentraland. Now that Sandbox has partnered with the actual financial system, it can grow.
Concerns
While entering a new world, this is likely to make the job of the bank and the transactions relatively simple, but its negative implications are also up for discussion. Some individuals joke that someone will loot such a bank with NFT weaponry while others express concern about cybersecurity.
Thoughts
Banks are suddenly understanding that they need to participate in the blockchain and digital economy if they want to survive with cryptocurrencies. The Metaverse has provided it opportunities to exist the digital age.
