Sygnum, the Swiss bank, set its foothold in the revolutionary world of the metaverse. Nestled in New York’s virtual Times Square, the bank plans to welcome customers into an augmented reality whereby they can conduct banking operations. It is created on Decentraland, which, to date, has become the platform mustering pathbreaking innovative projects.
Virtual Swiss bank garnering innovation
Sygnum heralded its journey in 2019 as a bank that perfectly harmonizes the traditional finance system and digital currencies. On 1 September 2022, the Swiss bank announced its metaverse venture and revealed its plan to join leagues with financial institutions like HSBC and JP Morgan. Per reports, the virtual bank will enthral visitors with exquisite digital art and keep CryptoPunk as the receptionist, which is pretty fascinating.
The project initiates a vital step toward exploring the power of web3 in the financial system. Earlier, Sygnum dived into the blockchain ecosystem by developing products like Ethereum staking on open blockchains, among others. With crypto transactions gaining prominence, a metaverse bank is expected to redefine the future of the financial sector.
Speaking about the project, the bank said that it enriches customers with various aspects of virtual operation in a technology-empowered crypto garden.
Metaverse and the banking system
Metaverse gradually occupies the center stage in a wide array of industries like gaming, socializing, dating and now banking. Built on a decentralized system, it offers a resilient infrastructure that can provide a seamless user experience. While comparing traditional banking systems with virtual, we notice issues pertaining to the former, whereby customers had to rely on the mind-numbing documentation process to carry out transactions. Metaverse technology cuts the waiting time and brings swiftness into the transaction system.
Per McKinsey’s study, by 2030, metaverse can deliver enhanced user experience, and its worth could be around $5 trillion. With the new project launched by Swiss bank in Times Square, critics view it not only as an uplifting banking system but rather proven suitable for the area.
Treading back to history, we find Time Square was a hub spot for drugs, prostitution and crime. With metaverse bank in the space can prove an image maker for this busy and congested space.