JP Morgan Breaks Record as World’s 1st Metaverse Bank
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Banking giant JP Morgan has opened a blockchain lounge in Decentraland’s metaverse called “Onyx lounge”
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Onyx lounge marks the first step by a Wall Street bank in Decentraland’s metaverse ecosystem
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Decentraland’s token posted double-digit gains as more institutions begin to adopt virtual real estate to put their businesses in the metaverse
Wall Street banking giant JP Morgan announced on Tuesday that it had opened up “Onyx lounge”, a virtual blockchain-based lounge in Decentraland.
Following the release, various users on Twitter described their experience in the Onyx lounge on Twitter, noting that it has the picture of CEO Jamie Dimon and a tiger was lurking around the premises.
In addition to that, the company released a paper that divulged various opportunities that it is set to explore in the metaverse. Due to new possibilities offered by the virtual world, JP Morgan has revealed a plan to play a vital role in the metaverse. The financial institution plans to tackle issues such as account validation, transaction status, and fraud prevention, in a similar mold to services in the real world.
Read also: Apple Joins Metaverse
The bank has also disclosed that it intends to serve content creators who plan to commercialize their creations in the metaverse.
Creators will be able to lend money from the “Onyx lounge”, as well as meet the bank regarding establishing virtual wallets where their commissions can be collected.
As more institutions warm up to the digital world, the lounge will provide a foothold for JP Morgan to also explore the metaverse.
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