Crypto Bank Sygnum arrives in the metaverse

Cryptocurrency financial institution Sygnum plans to open a “metaverse hub” in Decentraland, a Web3 virtual world built on the Ethereum blockchain.

In a Thursday, September 1 press release announcing the move, the Swiss bank and digital asset specialist included stills and a video tour of the new Decentraland site, which includes a CryptoPunk receptionist, interactive NFT gallery and event space. .

Sygnum’s Decentraland hub will launch with a live event on September 27 at 11 a.m. CET, with entry open to the public – or at least their Decentraland avatars.

As PYMNTS recently reported, metaverse banking is a rising trend in the financial services industry.

Read more: EU and MENA FIs Embrace and Leverage the Metaverse

Among the first financial institutions to enter the space, JPMorgan opened its own Decentraland site earlier this year, and was soon followed by digital bank Quontic and Imagin, the first mobile subsidiary of Spanish lender Caixabank.

Away from Decentraland, other metaverse platforms are also attracting the attention of banks around the world, with HSBC choosing to settle in the Sandbox, for example.

Alongside the launch of its Decentraland hub, JPMorgan released a report in which it stated that “the metaverse will likely permeate all industries in one way or another in the coming years, with an estimated market opportunity to over $1 trillion in annual revenue.

Sygnum is also interested in the opportunities presented by the metaverse. The press release references McKinsey research that suggests the sector could be worth $5 trillion by 2030.

“Investment in the metaverse is ramping up, fueled by crypto retail transactions and a new generation of users completely comfortable with socializing, shopping and working in virtual spaces,” said Martin Burgherr, director of Sygnum customers, in the press release. “Our new metaverse hub is the natural place to showcase Sygnum’s Web3 innovations and provide a trusted entry point for investors into the fast-growing economy of future finance.”

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