JP Morgan Becomes the First Wall Street Bank to Open Its Lounge in the Metaverse

Cutting-edge VR technology has rushed into our lives, transforming the long-standing traditions and habits. And while big business is only exploring the metaverse, one of the world's largest "Bulge Bracket" banks, JP Morgan, is building the digital economy to cater to both global brands' and regular individuals' needs. 

JP Morgan has foreseen the agio, becoming the first bank to open its virtual lounge in the metaverse, namely in the most popular VR space — Decentraland. The Onyx lounge (the name refers to the bank’s in-house blockchain payments system) is located in the Metajuku shopping center in the Decentraland metaverse, which is supported by the Digital Currency Group. Visitors to the VR lounge can explore the metaverse, create avatars, buy goods and even land with Onyx's own MANA currency.

A tiger and a digital portrait of Jamie Dimon, CEO of JPMorgan, are the first things to welcome the visitors to the Onyx lounge. On the second floor of the VR building, a chief executive is giving a presentation on metaverse economics. 

It's worth noting that the bank's metaverse launch was preceded by the release of a report by Onyx, giving a detailed explanation on what benefits await businesses in the metaverse. Based on the report, JP Morgan and Onyx predict that the metaverse will become a $1 trillion market opportunity in yearly revenues. Besides, JPMorgan believes that in the coming years, every sector will be transferred into the metaverse, providing the same virtual services as in the real world, including loans, leases, mortgages.