The first decentralised bank in the Metaverse has been launched

What

The first decentralised bank in the Metaverse, Metabank, has been launched 

Why 

Metabank provides decentralised finance (DeFi) as well as traditional banking services; utilising Web 3.0 and virtual reality to provide financial services in the metaverse that can be used in the real-world

What next 

Metabank is introducing a Governance Token in the coming months and plans to launch in over 20 Metaverses in Q3 of 2022.

The story 

The first centralised bank in the Metaverse, Metabank has been launched and provides DeFi as well as traditional banking services. Although more established banks like JP Morgan have entered the metaverse space, Metabank is the first decentralised bank in the metaverse. Metabank offers loans via P2P Lending, over-the-counter securities, staking, virtual credit and debit cards, and yield farming.

Metabank explains that “most developing countries lack the prerequisite infrastructure and willpower to provide fast and efficient internet financial services”. Metabank aims to utilise Web 3.0 and virtual reality to provide financial services anywhere in the metaverse that can be used in the real-world. As cited in their white paper, customers can connect their existing bank accounts and wallets with the Metabank app, and can purchase NFTs, make cryptocurrency and IBAN payments, and remittances. 

The Metabank token, METAX, is an ERC20 utility token to be used for cryptocurrency payments, with 17 different cryptocurrencies available as collateral. And a Governance-Token is to be launched in the coming months, enabling participants to have a say in the future of Metabank.

The Metabank will be available from Google Play early next week, and the iOS version should also be available on the App Store shortly. Metabank plans to launch in over 20 Metaverses in Q3 of 2022, and add Apple Pay services and labelled credit cards by Q1 of 2023.