JP Morgan Chase Officially the First Bank to Enter the Metavers
JP Morgan Chase & Coh as officially become the first bank to enter the metaverse, setting an example that many will soon follow. Joined by the likes of Walmart, Samsung, Nike, and even the embassy of Barbados, the bank will explore and take advantage of all the metaverse has to offer.
The block chain division of JP Morgan Chase – Onyx – is the main actor here. It moved to open a lounge in the virtual Metajuku mall in the Decentraland, the name given to the metaverse. Those who enter the Onyx lounge will be greeted by a portrait of JP Morgan CEO Jamie Dimon who gives an insightful presentation on the crypto economy.
The Onyx Lounge launch is being complemented by a report released by JP Morgan on the opportunities that the Metaverse opens. According to one statement, the bank estimates that it can reach an average annual revenue of $1 trillion from the Metaverse alone.
The report also stresses that the Bank can operate in much the same way in the Metaverse as it does out of it, meaning that there would not be a long intermediary integration process. The virtual reality has its own GDP and currencies, and users can purchase all sorts of goods ranging from land to virtual products, to NFTs using MANA- the Ethereum backed digital currency.
According to JP Morgan, the bank's cross-border payment competencies, trading capabilities and foreign exchange, and safekeeping of funds, has the potential to play a major role in the Metaverse, as it currently does in the real world.