With JP Morgan, the largest bank in the United States enters the Metaverse. What does the company have to do with cryptocurrency and what does a virtual branch look like?
JP Morgan’s Paradoxical Relationship to Bitcoin
Anyone who has followed the news over the past few months and years may have noticed JP Morgan’s aversion to cryptocurrency. In light of the fact that JPMorgan is a classic, this generational conflict is of course nothing special.
However, in truth, the bank’s relationship with cryptocurrencies is not one-sided. The fact that there is this impression at all is mainly due to one person, James Damon. Damon is not only the managing director, but also the chairman of the board of directors of the American bank.
Dimon has repeatedly made particularly flimsy statements about Bitcoin. The long list of quotes includes phrases such as:
Bitcoin is a scam. Worse than a tulip.
In 2017, he even wanted to fire employees at his bank who invested in Bitcoin because of this stupidity. Meanwhile, Damon retreated and explained his statements as errors. Perhaps his daughter was the reason for this reaction. I got bitcoin for less than $11.
Bitcoin really has become a big thing.
According to the managing director in the meantime. In October, he participated in a discussion that discussed, among other things, the potential continued existence of bitcoin in the “shadow regime” — a system in which the state officially bans bitcoin.
Governments will stop bitcoin
Then Damon explained:
This does not happen! You are wasting your time when the Department of Justice declares Bitcoin illegal and says >> Bitcoin is against the law. If you do it again, we will put you in jail! << Then it's over! no problem. There will be no currency out of control in the world!
Because no government on earth will tolerate Bitcoin for long. But Damon’s prophecy seems difficult to fulfill. Due to the decentralized nature of many cryptocurrencies, governments around the world have to discourage people from doing what they do.
Mariana Lake, then JP Morgan’s chief financial officer and now the company’s vice president, tried to maintain a diplomatic stance.
She explained that JP Morgan is open to digital assets that are properly controlled and regulated. What seemed cynical at first, said Lake without malice. This can also be seen in JP Morgan’s involvement in the crypto space.
The presence of JP Morgan cryptocurrencies is increasing
The fact that JP Morgan as a company could not have such a negative attitude towards digital currencies was already proven in 2019. At that time, the bank even started its own project called JP Morgan Coin (JPM).
JP Morgan Coin – JPM Digital Currency
Although it is actually a cryptocurrency, due to the use of blockchain, there are very few similarities with Bitcoin and the like. Its raison d’être is the ability to process transfers faster.
but that is not all. Meanwhile, the House of Banks has also opened its own branch in the Decentraland metaverse. The branch is very easy to enter. All you have to do is start Decentraland. The program also works in the browser.
With Ethereum, Decentraland uses the uncensored and unregulated blockchain as the platform. When you enter the branch, you will immediately see glowing letters indicating that you are now at the Onyx location.
Under the Onyx banner, you can also read that there is a relationship with JP Morgan. In fact, Onyx is a bank brand that deals only with blockchain technology and already offers its own network with Liink.
JP Morgan at Decentraland
Various videos can be viewed within the branch – for example from conferences or discussions where relevant topics such as DeFi or cryptocurrency in general are discussed.
The timeline shows the progress that JP Morgan and Onyx have made in the crypto industry.