Giant Bank Will Take Its Place in Metaverse Altcoin! Price Rising Fast!

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We have seen many corporate companies take their place in metaverse-oriented crypto money projects. Now one of the largest financial institutions is next. With the effect of the news, the price of this altcoin started to rise rapidly. So what are the details of the deal and what is the metaverse project that draws the attention of such a big brand?

Giant Bank is in Metaverse Altcoin

JPMorgan, one of the largest banks in the US, has opened an office in Decentraland (MANA). With the impact of the news, MANA rose by about 10%.

JPMorgan became the first bank to meet the metaverse by opening a salon in Decentraland, a virtual world based on blockchain technology. Along with announcing the Onyx hall (the name refers to the bank’s suite of allowed Ethereum-based services), JPMorgan has also published an article exploring how businesses can find opportunities in the metaverse. “Customers have a lot of interest in learning more about the metaverse,” Christine Moy, JPMorgan’s head of crypto and metaverse, said in an email.

The Metaverse and Its Potential

The massive acceptance of NFTs by the mainstream last year created a lot of hype for the metaverse, especially in the third quarter. In January, electronics giant Samsung opened a version of its New York store in Decentraland, and in November Barbados also established a metaverse embassy in Decentraland.

JPMorgan notes that the average price of a virtual parcel of land has doubled in the second half of 2021, jumping from $6,000 in June to $12,000 in December on its four major Web 3 metaverse sites.

The JPMorgan report includes the following details;

“Over time, the virtual real estate market may begin to see services such as loans, mortgages and lease agreements just like in the physical world”.

In addition, DeFi collateral management is also expected to come into play. Thinking that this can be done by decentralized autonomous organizations (DAOs) instead of traditional financial companies, JPMorgan included very important details in its report.