Say hello to the first bank in Metaverse. And it’s a world’s first crypto-based bank. Decentralized, of course, and armed with its own token.
Meta Bank Defi announced Monday that it is developing a new platform to capitalize on the unique benefits of decentralized finance in virtual worlds.
According to the crypto project’s website, it is the world’s first decentralized bank that is going to operate in the Metaverse.
The authors of the project foresee 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.
All of them will definitely need a decentralized finance.
First bank in the Metaverse
According to Meta Bank, online banking remains problematic in the majority of developing countries because of lack of infrastructure and other resources to provide fast and effective internet financial services.
As we all know, corporate banks and other financial institutions wield too much control over private individuals. Those banks put their own interests ahead of those of the clients they were designed to serve.
That’s why one should not be too much happy hearing that JPMorgan, the largest bank in the United States, announced its wish to become the first bank to enter the metaverse. JPMorgan have already created lounge in Decentraland, a blockchain-based virtual world.
JPMorgan also published its forecast. It says that the metaverse will become a $1 trillion market in terms of annual revenues. The analysts predicted that virtual worlds infiltrate every sector in some fashion in the coming years.
Many virtual worlds
So, Meta Bank is going to become something different.
It will be a decentralized bank for everyone everywhere in the virtual worlds.
At the moment, the metaverse is comprised of numerous virtual worlds. The most popular among theme are browser-based Decentraland, The Sandbox and Roblox. The latter is popular with children and teenagers.
Users explore these virtual environments using digital avatars. They can socialize, play games, purchase lands and other real property, view art, and shop, among others.
Meta Bank indicated that its web 3.0 intentions extend beyond a bank itself. 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. The token will be available through out different versions of the Metaverse.
Sources: Bitcoinist, FinTech