JPMorgan becomes first bank to enter the metaverse

Context

JPMorgan has become the world’s first bank to set up shop in the metaverse.

Key-points

• The largest bank in the US has opened a lounge in the blockchain-based world Decentraland.
• Users can create their virtual avatars, build virtual spaces and roam in the lounge christened ‘Onyx Lounge’ after its suite of Ethereum-based services. 
• The lounge also features a digital image of the bank’s CEO Jamie Dimon.

What is Metaverse?

• Metaverse is a virtual universe where users can do multiple activities like socializing, shopping or even attending events through their avatar. 
• Augmented Reality (AR) and Virtual Reality (VR) headsets are becoming more pocket-friendly, and both technologies have together contributed to a significantly enhanced user experience.

About JPMorgan bank

• JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City. 
• JPMorgan Chase is incorporated in Delaware.
• JPMorgan bank founded on 1 December 2000, New York, United States.