The metaverse promises to offer an immersive, 3-D version of the internet where you can carry out all the activities you enjoy in day-to-day life with plenty of unique digital extras. It’s the next frontier of technology, an augmented, alternative reality, imbued with, and crafted by, the connective power of the web.
It promises to be cool, and widely accessible to anyone with an internet connection and, in some cases, a VR headset. And just like anywhere else people with money gather, the metaverse stands to have an economic impact. According to a report by JP Morgan, the metaverse offers a market opportunity of more than $1 trillion.
How does banking work in the metaverse?
Given how new the metaverse is, everything about it is still actively being imagined and created. That includes banking. Like pretty much everything else about this burgeoning digital reality, the potential for creative banking products within it is just about limitless.
Here at the start, some banks are focusing on building a metaverse presence where current and potential customers can engage with their brand and access banking products and services. But in the long term banks will have an opportunity to evolve and engage based on metaverse-specific financial needs.
These developments have already begun. One metaverse company, TerraZero Technology, has already offered a “metaverse mortgage” to a client, enabling them to purchase expensive digital real estate inside the Decentraland platform. As the metaverse picks up speed and gains new users, we’re likely to see many more such innovations.
In addition, many existing types of digital assets stand to be important parts of the metaverse economy. These include cryptocurrencies like Bitcoin and Ethereum as well as NFTs (non-fungible tokens), fungible tokens, and more. That’s why creating a digital wallet is an important part of a fully rendered, immersive metaverse experience.
Which banks are in the metaverse right now?
At the time of this writing, only two banks have already made a foray into the metaverse: JP Morgan and, you guessed it, Quontic! Given our long-standing commitment to innovation, we knew we had to get into the metaverse as soon as possible.
Our Decentraland outpost is the place to hang out with us in this alternative, digital universe. We’ll be offering exclusive free wearables, collectible NFTs, and hosting tons of cool events, too. We can’t wait to evolve our bank alongside and inside the metaverse, and we can’t wait to have you along for the ride.
Join Quontic on a metaverse adventure
The metaverse is an exciting way to interact, communicate, play, and relax in a whole new world that’s being invented and crafted in real time. It’s a way to marry our complex digital lives to our non-virtual realities.
Whether or not you’re a current Quontic customer, you can join us in the metaverse starting now.If you do become a customer, you can also start saving valuable digital assets . Quontic is the first bank to offer a Bitcoin rewards checking account1, which offers account-holders 1.5% of eligible debit card point-of-sale transactions back in the form of Bitcoin (which is automatically purchased on their behalf).
This is all the start of something much bigger. Jump in today with Quontic!
1Bitcoin Reward Checking account is a non-interest bearing personal checking account, requires a minimum of $500.00 to open the account, and does not require a minimum daily balance to earn Bitcoin rewards. Qualifying Point of Sale (POS) Debit Card Transactions (“Eligible Debit Card Transactions”) shall receive Bitcoin Rewards at the U.S. dollar value of 1.50% on all Qualifying POS Debit Card Transactions that post and settle to the Bitcoin Rewards Checking Account. Fees and terms are subject to change. Additional terms and conditions may apply. No Bitcoin Rewards will be paid if the Qualifying POS Debit Card Transaction requirements are not met or if the requirements for establishing an account with NYDIG Execution LLC (“NYDIG Account”) are not met. The following are not Qualifying POS Debit Card Transactions and do not count toward earning Bitcoin Rewards: ATM-processed transactions; transfers between accounts; purchases made with debit cards not issued by the Bank; cash over portions of POS transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash); loan payments or account funding made with your debit card and purchases made using third-party payment accounts (services such as Venmo®️ and PayPal™️, who also provide P2P payments). Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Bitcoin earned through this program can only be sold and redeemed for cash and cannot be transferred or spent, including in the metaverse.. Bitcoin execution and custody services in connection with the Bitcoin Rewards Checking account are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity. To receive bitcoin services an account will be opened with NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s User Agreement for more information, including applicable eligibility criteria. Bitcoin balances in your NYDIG Account are not insured by the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer. NYDIG does not make any recommendations regarding buying or selling bitcoin. There are risks associated with bitcoin trading, including possible loss of value. See NYDIG’s User Agreement. Individual transactions in the rewards program are not recorded on the blockchain. Information is published as of August 5, 2022.