JP Morgan Enters Metaverse with Virtual 'Onyx Lounge'

Key Takeaways:

JP Morgan opens a virtual lounge in Decentraland.
The banks see the potential of heavy growth in the Metaverse world.

After AO’s announcement to host the first virtual tournament in Decentraland, JP Morgan is now gearing up to enter the metaverse world. It is the first bank to enter Decentraland and has launched the “Onyx lounge” on Tuesday.

JP Morgan was also the first to create a digital coin named JPM coin for digital payments and have always been known to support crypto ventures. After the bank’s suite of permissioned Ethereum-based services, the virtual lounge is named Onyx. In addition, the bank has published a paper discussing all the opportunities Metaverse presents.

Christine Moy, the head of the crypto and the Metaverse of JP Morgan, has said in an email that they have discovered that their clients are interested in learning more about Decentraland. She said, “We put together our white paper to help clients cut through the noise and highlight what the current reality is, and what needs to be built next in technology, commercial infrastructure, privacy/identity and workforce, in order to maximise the full potential of our lives in the metaverse.”

The bank has also released a report saying that it is capable of carrying out all its operations in the virtual world just like it does in the real world. With the help of the population of the Metaverse, their currencies, and GDP, JP Morgan will be able to fulfil cross-border payments, foreign exchange, creation of foreign assets, trading, and safekeeping.

In the report, the bank has also mentioned its appraisal of “metanomics” and has pointed out the hike in the regular price of part of virtual land, which doubled by the end of 2021. JP Morgan says that being the Decentraland will be beneficial for them in the long term. The bank also said that decentralised finance (DeFi) collateral management could potentially replace traditional finance organisations with the help of DAO.