JPMorgan Becomes First Bank To Open In Virtual World

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JPMorgan is the first Wall Street bank to launch a presence in the metaverse, joining a diverse group of brands to do so including Samsung and the Barbados embassy.

The bank has been a proponent of blockchain technology and its use in financial transactions, as evidenced by its own JPM Coin. The metaverse effort represents a further step in its investment in building out infrastructure in the crypto and blockchain ecosystem. Decentraland allows users to explore its metaverse by creating avatars and buying goods including land with its native currency MANA.

JPMorgan Chase & Co. has a lounge in the metaverse: Visitors are greeted by a digital portrait of Jamie Dimon and a roaming tiger. Walk upstairs and you’ll see an executive’s presentation on the crypto economy.

The lounge is located at the Metajuku mall in Decentraland, a browser-based metaverse backed by the Digital Currency Group. Onyx, JPMorgan’s blockchain unit formed in 2020, set up the lounge as it released a paper on how businesses can explore opportunities in the metaverse.

J.P. Morgan does business with more than 80% of Fortune 500 companies and supports more than 7,200 clients across the Corporate & Investment Bank.