Even though modern digital banking is entirely functional, it lacks emotion. People will be able to go beyond online surfing banking by banking in the metaverse. People will be able to virtually meet and interact with banks due to the use of blockchain, augmented reality, and virtual reality technology.In this blog, let you know some of the banks that explore the metaverse concept.
How have some major banks begun investigating the metaverse?
Some very well-known figures have already begun to investigate the emergence of the metaverse
One of the largest advocates of blockchain technology and its applications in finance is JP Morgan. JP Morgan's entry into the metaverse was therefore rather evident.
JP Morgan purchased a space at a digital shop in Decentraland in 2022.
In 2022, HSBC purchased a digital plot of land in The Sandbox. This virtual realm currently only displays a video demonstrating that HSBC has occupied this territory.
HSBC acquired a virtual parcel of land in The Sandbox in 2022. Only a video proving that HSBC has held this space is now visible in this virtual world.
Are there any risks associated with metaverse banking?
The entire playground would change if banking had a metaverse, and banks maybe subject to legal and reputational issues. Therefore, before engaging in services enabled by the metaverse, banks must establish a high level of monitoring methods.
Thus, it's possible that traditional banking and cryptocurrency banking will eventually combine to provide customers with a cutting-edge banking experience. Banking in the metaverse will turn into a stepping stone to project ahead of competitors in the space.
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