JPMorgan Chase & Co. has a lounge in the metaverse
JP Morgan in the Metaverse: JP Morgan Chase & Co. has a room in the Metaverse: Visitors are greeted by a digital portrait of Jamie Dimon and a roaming tiger. Go upstairs and you will see the presentation of a cryptoeconomics framework. Source,
JPMorgan Metaverse, the First Wall Street Bank
The lounge is located in the Metajuku shopping center in Decentraland. Browser-based metaverse powered by the Digital Currency Group. Onyx, the blockchain arm of JPMorgan founded in 2020, founded Lounge after publishing an article on how companies can explore opportunities in the metaverse.
JPMorgan is the first Wall Street bank to have a presence in the Metaverse, joining a diverse group of brands including Samsung and the Embassy of Barbados.
As JPM Coin itself shows, the bank has been a supporter of blockchain technology and its use in financial transactions. The Metaverse effort represents another step in its investment in building infrastructure in the crypto and blockchain ecosystem. Decentraland allows users to explore the metaverse in native MANA currency by creating avatars with land and purchasing goods.
The first part of JPMorgan’s blockchain effort was to “analyze internal use cases,” Christine Moy, global head of Link, Crypto and the Metaverse at Onyx, said in an interview. “Now we focus on external value creation by providing infrastructure,” including blockchain and payment technology for clients such as game publishers.
Cross-border payments, exchange and creation of financial assets
In its paper, the bank said that the success of the Metaverse depends on having a “robust and flexible financial ecosystem”, with core competencies in cross-border payments, foreign exchange, financial asset creation, trading, and safe-keeping can play a “major role in the metaverse.”
Like JPMorgan’s role in the real world, “we are well positioned to bring together global trade and commerce” in digital universes, Moy said. “I would expect we were in all the majors.”
For customers considering moving to Metaverse, JPMorgan can offer an “integrated payments hub” with complete solutions such as ledgers and wallets, said Adit Gadgil, head of e-commerce and TMT at JPMorgan Payments.
Click on the play button above to view the CoinDesk Video on JP Morgan opening in the Metaverse.
