Along with the crash of cryptocurrencies, the hype around the Metaverse has died down. Nevertheless, Japan's Nomura and its Swiss subsidiary Laser Digital are experimenting with a new project in the virtual world.

The Japanese bank Nomura and its Swiss subsidiary for digital assets, Laser Digital, are in the metaverse of «The Sandbox,» in a Japanese botanical garden that hints at sustainability.

In the «Nomura & Laser Digital Botanical Garden,» users can meet senior management avatars and complete up to 20 tasks, including growing a bonsai tree. Visitors can learn more about Nomura, Laser Digital, and their strategic investments and innovations in digital assets through QR codes placed throughout the garden.

Gaining Experience

«Since our launch last year as Nomura’s digital asset subsidiary, we have been keen to explore the potential of the metaverse,» said Jez Mohideen, CEO of Laser Digital. «We're excited to experience the new interactions this project enables.»

It was developed by Cédric Bensoussan and his team at Metaverse Studio Par. The virtual world of The Sandbox, represented by NFTs on the Ethereum and Polygon blockchains, was launched in 2011. Since then, more than 4.7 million accounts have been created. However, with the crash of cryptocurrencies, the initial euphoria has given way to disillusionment. Virtual land parcels now cost only a fraction of their original peak prices.

A Presence in Dubai

Laser Digital initially focused on venture investments in digital assets. The company recently launched the «Bitcoin Adoption Fund,» an initiative to provide institutional investors with an efficient entry point into the rapidly evolving digital asset space. The launch is just the beginning, as Laser Digital Asset Management intends to introduce a broader range of investment vehicles in the digital adoption space shortly.

In August, the digital asset subsidiary of the Japanese securities firm received a full license for crypto services in Dubai. In September, it received In-Principal Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), which includes formal regulatory approval, provided conditions are met.

Virtual World Experimentation

Many financial institutions are experimenting in the metaverse. The virtual world of the sandbox is where heavily Asia-focused financial institutions such as HSBC and Standard Chartered or Singapore's DBS bank have set up shop. French insurer Axa is also present in this metaverse with «Axadia.»

Western financial institutions, especially from the US, seem to feel more comfortable in «Decentraland.» Among others, US financial giants JPMorgan, Fidelity, and Mastercard are represented there, as is the Spanish credit institution Caixabank. JPMorgan welcomes visitors to its Onyx Lounge. It's also the first Wall Street giant to issue its cryptocurrency. The JPM Coin digital token is already used to process transactions worth a billion dollars daily.

Sygnum as a Swiss Pioneer

Swiss financial institutions already ventured into the virtual world. In September 2022, the Metaverse received its first Swiss bank branch. At the time, Sygnum Bank announced it would open a branch in «Decentraland» in New York's virtual Times Square and welcome visitors with a "crypto punk," finews.ch reported.

Private bank Julius Baer ventured into the metaverse last year to attract tech talent. It offered a game on the Roblox platform where candidates could complete the «Be Baer Challenge.»