JP Morgan enters metaverse

Wednesday 16 February 2022 14:19 CET | News

JP Morgan has opened up an ‘Onyx lounge’ in the metaverse, a virtual lounge in the blockchain-based world of Decentraland.

Within Decentraland, users can buy virtual plots of land in the form of NFTs and make purchases using cryptocurrency backed by the Ethereum blockchain.

On top of that, the company released a paper explaining the opportunities they are exploring in the metaverse. The report points out that JP Morgan can operate like a bank in the virtual world much like it does in the real world, since the virtual worlds in the metaverse have their own population, GDP, and currencies. Like its role as a bank, it can facilitate cross-border payments, foreign exchange, financial assets creation, trading, and safekeeping.

The company also wants to serve content creators who plan on commercialising their creations within the metaverse, whether its lending money to finance them or establishing virtual wallets for them to collect commission.

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Keywords: JP Morgan, banks, metaverse, blockchain, product launch
Categories: DeFi & Crypto & Web3
Companies: JP Morgan
Countries: World
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DeFi & Crypto & Web3

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