JPMorgan decentraland metaverse

Banks are witnessing a historic moment in the world economy nowadays. People are beginning to change the way they manage their money. For as long as we can remember, the conventional banking system has had a monopoly on money management. And their services are still quite discrete in performance and not very user-friendly.

Until Satoshi Nakamoto came along in October 2008 and created the bitcoin’s whitepaper under the PoW consensus and changed everything. Forever. But governments and the media were not alone in downplaying the existence of cryptocurrencies. Banks, such as JP Morgan, were doing the same.

So, what has made such large banks go from denying and minimizing cryptocurrencies to deciding to invest in them? In this article, you will discover why decentralized metaverses are so important to big organizations like JP Morgan.

JPMorgan into Decentraland like a Web3 Bank

For people in the crypto ecosystem, when you mention the word “metaverse”, there are two words that come to their mind: “Decentraland” and “The Sandbox”. Indeed, this is because these are very solid decentralized projects that are leading the metaverse sector.

Brands like The Walking Dead, Atari,, Binance, CoinMarketCap, Opera, and many other companies have decided to purchase lands in these two metaverses. Therefore, companies outside the tech hype like banks are realizing that the metaverse will change how the business will work in the future in many traditional industries.

As a result, JPMorgan has opened a lounge in Decentraland. It’s called “Onyx Lounge” which refers to its exchange platform.

The reason behind this decision is their clients. Christine Moy, JPMorgan’s head of crypto and the metaverse, said: “There is a lot of client interest to learn more about the metaverse.” Therefore, they’ve created a guide to make them learn how to find opportunities in the metaverse.

More About JPMorgan’s Web3 Decision

In this guide, they make an introduction by detailing business opportunities in technology. Then, they talk about how the metaverse will affect commercial infrastructure, privacy, and identity industries. Also, it talks about the workforce, regulations, taxes, accounting, and social infrastructure. From there, they explain how current businesses will jump into the metaverse and how they will do that too.

Finally, the bank report concluded: “This (the metaverse) is where our long-standing core competencies in cross-border payments, foreign exchange, financial assets creation, trading, and safekeeping, in addition to our at-scale consumer foothold, can play a major role in the metaverse.”

Join us on Telegram to receive free trading signals.

For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.