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."
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"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.
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.
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