On February 17, JP Morgan turned the primary financial institution to enter the metaverse. The most important financial institution within the US opened a digital lounge on Decentraland, a metaverse constructed on the Ethereum blockchain, referred to as Onyx. Arrange in Metajuku district, it just about mimicked the Harajuku procuring district in Tokyo. Anybody getting into the lounge was greeted by a prowling tiger and a digital portrait of Jamie Dimon, CEO of JPMorgan that was lit up.
The transfer was a plain advertising ploy to create hype concerning the financial institution’s crypto and blockchain service with the namesake. Together with the announcement, JP Morgan launched a report on the metaverse describing it as a money-maker that might generate a minimum of USD 1 trillion yearly. In a section discussing its pores and skin within the recreation, JP Morgan said, “We are building and scaling new emerging technologies to modernize infrastructure and business models including but not limited to tokenization and digital identity, as we strive for perpetual innovation and better ways to organize financial transactions and payments in the decentralized web.”
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