The top global bank, JPMorgan, recently announced the opening of its latest branch, Onyx, and this time, it is in the metaverse. JPMorgan’s Onyx Lounge, which is a virtual ode to its blockchain-based deposit banking project, is the first of its kind in the metaverse, making JPM the first multinational mainstream bank to do so.
Leveraging upon the immutability and security of blockchains, the Onyx blockchain system which was recently launched by the Wallstreet bank will become a revolutionary innovation within the fiat payment system much the same way JPMorgan is positioning its latest branch in the metaverse to become the de facto deposit financial transaction and payment solution in the metaverse.
Since its limelight in 2020, the metaverse has recorded close to $1 billion as expenses on a broad range of activities. JPMorgan disclosed that its foray into this strongly emerging technology experience is sole because it is hoping to explore the many exciting opportunities the Metaverse presents for both customers and visitors.
Even though JPMorgan is the first bank to do so, it is not the lone global brand in the web3 space. Some of the world’s biggest brands like Adidas, Atari, PriceWaterCooper, Hulu, Nike, etc have already registered their strong digital presence with celebrity artists like Paris Hilton and Justin Bieber hosting successful concerts virtually.
The potential is huge, says JPMorgan’s chief, as many brands are asking themselves “what is my metaverse strategy and how can I begin to play a vital role in this emerging technology”. With over 33 million customers and counting, part of JPMorgan’s strategy aims is to fund concerts or bankroll creatives who are short on financial ability to carry out meaningful projects in web2.0 or web3.0 spaces.
JPMorgan Crypto Trail
The Wall Street Bank is sparing no horses in leading the charge for digital cross-border payments using blockchain. Caught in the Crossfire between private cryptocurrency companies and emerging government regulatory and stablecoin plans, JPMorgan appears to have taken the bull by the horn already with the launch of its native JPM coin. JPMC will help customers transfer U.S dollars, solving secure and rapid traditional cross-border payments.
With its foray into the metaverse, JPMorgan is looking to capitalize on a first-mover advantage, but it might need to do a lot of work, especially in rebranding itself as a crypto-friendly fiat-based bank, giving the general steps skepticism that around traditional institutions and their recent quest to dominate the market with CBDCs.