As cryptocurrency continues to breakdown financial walls created by real world institution, one bank enters the metaverse to facilitate online banking for all.
A decentralized bank that will cater to cryptocurrency transactions will be the new addition to the growing list of lenders making a presence in the metaverse.
Meta Bank Defi announced Monday that it is developing a new platform to capitalize on the unique benefits of decentralized finance and to facilitate the development of simple and dependable digital banking procedures.
According to the crypto project’s website, it is the world’s first decentralized 360-degree solution bank that is making a foray into the metaverse.
The concept envisions a society in which “all people are equal and can live and earn freely regardless of color, gender, ethnic origin, sexual orientation, language proficiency, or immigration status,” Meta Bank stated in a news release.
The Metaverse To Welcome A New Bank
According to Meta Bank, online banking remains a time-consuming job in the majority of developing countries because of lack of infrastructure and other resources to provide fast and effective internet financial services.
Corporate banks and other financial institutions wield too much control over private individuals’ wealth and have been known to put their own interests ahead of those of the clients they were designed to serve.
JPMorgan, the largest bank in the United States, announced last month that it had become the first bank to enter the metaverse, having created a lounge in Decentraland, a blockchain-based virtual world.
Along with the launch of the Onyx lounge, the New York-based lender also produced a whitepaper on how businesses may capitalize on opportunities in the virtual world.
And JPMorgan is upbeat: the bank forecasts that the metaverse will become a $1 trillion market in terms of annual revenues, as its virtual worlds “infiltrate every sector in some fashion in the coming years.”
Crypto total market cap at $1.68 trillion on the daily chart | Source: TradingView.com
Multiple Virtual Realms
The metaverse is comprised of numerous virtual worlds, the most popular of which are browser-based Decentraland; the Sandbox, which is owned by Hong Kong-based Animoca Brands; and Roblox, which is popular with children and teenagers.
Users explore these virtual environments using digital avatars, where they can socialize, play games, purchase lands and other real property, view art, and shop, among others.
Meta Bank said:
“The objective of Meta Bank is to implement decentralized banking and to assist consumers in truly grasping the concepts of virtualization by introducing them to the metaverse and empowering individuals who can choose their own financial terms.”
Meta Bank indicated that its web 3.0 intentions extend beyond a bank. They claim to be developing a mixed reality metaverse district that will span multiple platforms.
It will feature a virtual bank, healthcare, gaming, and casinos, as well as a virtual NFT marketplace, art, and entertainment. The bank will also have their own token, the $MBD.