American largest bank JPMorgan has made history by becoming the first major bank to launch into the metaverse.

The bank launched a virtual lounge called Onyx in the blockchain-based virtual world Decentraland. Onyx is JPMorgan’s blockchain-based platform for exchanging value, information, and digital assets.

The lounge is located in Metajuku mall in Decentraland, a virtual version of the Harajuku district in Tokyo.

In a report published by JPMorgan, it highlights its approach to the metaverse and the opportunities within the virtual world, including $54 billion spent on virtual goods, $41 billion NFT market cap, etc.

In the last 24 hours, bitcoin has been down by 1.54%, with a current price of $43,720.59 as of the time of writing this. Within 24 hours, bitcoin dropped to $43,570.85 low and $44,767.53 high. The trading volume of bitcoin in the last 24 hours is $683.44M. The current market capitalization of bitcoin is $829.01B. Currently, $18.96M bitcoins are in circulation.

Stats and Image from Coin Desk

According to the report, the financial institution aims to create a financial ecosystem that seamlessly allows metaverse citizens to connect with the physical world.

JPMorgan plans to integrate its financial services such as cross-border payments, foreign exchange, financial assets creation, trading, and safekeeping into the metaverse. It believes the metaverse is a replica of the existing global economy.

“We believe the existing virtual gaming landscape (each virtual world with its own

population, GDP, in-game currency and digital assets) has elements that parallel the

existing global economy,” the report read.