The Metaverse now has its first major bank
The world's leading bank, JPMorgan, recently announced the opening of its latest branch, Onyx, and this time, it's in the metaverse. JPMorgan's Onyx Lounge, a virtual ode to its blockchain-based deposit banking scheme, was the first of its kind in the metaverse, making JPM the first common transnational bank to do so.
Leveraging the immutability and stability of blockchains, the Onyx blockchain system that was recently launched by Wallstreet bank was discovered to be a groundbreaking innovation within the fiat payment system in the same way that JPMorgan is positioning its latest branch in the metaverse to become the de facto financial deposit transaction and payment solution in the metaverse.
As of its prominence in 2020, the metaverse has recorded around $1 billion as costs across a wide range of occupations. JPMorgan revealed that its foray into this powerfully emerging technology experience is exclusive as it looks forward to exploring the many exciting opportunities the Metaverse showcases for both consumers and visitors.
Although JPMorgan is the first bank to do so, it is not the exclusive universal brand in the web space3. Several of the biggest brands from around the world like Adidas, Atari, PriceWaterCooper, Hulu, Nike, etc. they have already recorded their deep digital presence with famous artists like Paris Hilton and Justin Bieber hosting successful concerts virtually.
The potential is monumental, says the JPMorgan leader, as many brands ask themselves "what is my metaverse tactic and how can I start to play a pivotal role in this emerging technology." With well over 33 million consumers and counting, part of the goals of JPMorgan's tactic is to fund gigs or fund creatives who lack the financial capacity to do meaningful projects in web2.0 or web3.0 spaces.
JPMorgan Crypto Path
The Wall Street Bank spares no horse to lead the charge for cross-border digital payments using blockchain. Caught in the crossfire between private cryptocurrency companies and emerging government stablecoin and regulatory plans, JPMorgan appears to have taken the bull by the horn already with the launch of its native JPM coin. JPMC will help consumers transfer US dollars, solving fast and secure classic cross-border payments.
With its foray into the metaverse, JPMorgan is attempting to find a first-mover virtue to capitalize on, however it may need to do a lot of work, especially in rebranding itself as a crypto-friendly fiat bank, taking steps in general skepticism surrounding classical institutions and their existing quest to dominate the market with CBDC.