JP Morgan

The American multinational investment bank JP Morgan continues expanding its presence in the metaverse. This time, the financial services holding company has announced plans to allow users to traverse digital realms using a single digital identity.

In an October 26 press release, the multinational investment bank confirmed plans to develop a digital identity feature empowering users to choose identity credentials they want to share throughout their interactions online.

JP Morgan Launches Identity Feature In Metaverse

According to JP Morgan, the new digital identity feature will allow users to seamlessly traverse across digital realms, such as the Web3, DeFi, and the metaverse. The digital identity feature will set users in total control over their digital credentials.

JP Morgan’s Onyx will power the new digital identity offering. Launched in 2020, Onyx is one the first bank-led and blockchain-powered platforms allowing users to trade value, information, and digital assets.

JP Morgan anticipates using the digital identity feature to allow crypto fans to explore, share and view digital assets using a single digital identity. In a short explainer video, the financial services holding firm noted:

“Imaging using only your credit score to take advantage of buy now, pay later options without revealing all of your personal information. Prove ownership of your NFTs across platforms, and create content with freedom while traveling between digital spaces in a trusted way.”

Other JP Morgan’s Metaverse Investments

Earlier this year, JP Morgan launched a metaverse lounge in Decentraland, one of the most popular blockchain-powered metaverses, becoming the first bank to establish a presence in the metaverse.

At the time, JP Morgan began allowing its users to access bank services, including opening an account, depositing their checks, or filling out a mortgage app virtually like they would in the physical world. JP Morgan cited increased client interest in the metaverse.

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