CJ - Cryptocurrency Specialist
In response to their perception of a potentially expanding market in the virtual reality space, HSBC Holdings, like other financial services companies, has announced the launch of a fund intended to capture cryptocurrency investment opportunities in the metaverse, exclusively for their billionaire and millionaire clients from Hong Kong and Singapore. According to a statement, the London-based bank said its Metaverse Discretionary Strategy portfolio would concentrate on five investment sectors in the metaverse ecosystem: virtualization, infrastructure, compute, interface, experience and discovery.
Clients will have "a plethora of intriguing options."
"The metaverse ecosystem, while still in its infancy, is fast expanding," said Lina Lim, HSBC Regional Head of Discretionary and Funds for Investments and Wealth Solutions, Asia Pacific.
She went on to say that her asset management division sees “many interesting opportunities” for professional investors in this investment portfolio, "when firms of all origins and sizes are brought into the ecosystem."
The metaverse is a network of virtual reality-based environments where users can play, connect, and work. These virtual locations can be visited using several gadgets, such as computers and cellphones. According to HSBC, this discretionary portfolio was created especially for its high and ultra-high-net-worth clients, as well as other crypto market investment clients based in Hong Kong and Singapore.
The British bank said in March that it had purchased a piece of virtual real estate in an online gaming environment. As a result, HSBC has become the second major bank to invest in the metaverse, following JPMorgan's investment in the Decentraland virtual reality platform.
On the other hand, Following Facebook's (now Meta) decision to stake its future on the metaverse, other businesses, including major investment banks, have opted to do the same. According to research by Citi Global Perspectives and Solutions (Citi GPS), the metaverse would be worth up to $13,000 million by 2030, with 5 billion individuals linked to these platforms.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards