JPMorgan Joins Metaverse Craze with Lounge in Decentraland
Main page Technologies, US, Banking, Metaverse
Hot topic
16 February

JPMorgan is the latest company to join the metaverse craze but is the first banking giant that opened its own lounge called "Onyx" in Decentraland, a virtual gaming platform where users can sell and buy virtual spaces. The bank noted in a report that the success of building and scaling in the metaverse is "dependent on having a robust and flexible financial ecosystem that will allow users to seamlessly connect between the physical and virtual worlds."

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

"Our approach to payments and financial infrastructure will allow that interoperability to grow."

Moreover, the bank's analysts emphasized that JPMorgan believes that the existing virtual gaming landscape has elements that "parallel the existing global economy." The bank says the metaverse can play long-standing core competencies in cross-border payments, foreign exchange, and financial assets creation.

McDonald's Files Trademark Applications to Launch Virtual Restaurants in Metaverse

In January, JPMorgan closed the accounts of the founder of decentralized exchange Uniswap, Hayden Adams, without notice or explanation. Adams said that his case is not the first among workers in the cryptocurrency industry. Former CFTC commissioner Brian Quintenz noted though that under the model agreement, the bank has the right not to disclose the reasons for terminating the relationship.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error