JP Morgan, a major American financial firm, is growing its presence online. This time, the holding firm for financial services has disclosed intentions to let consumers move across digital worlds using a single digital identity.
The international investment bank revealed intentions to create a digital identity feature on October 26 in a press release giving users the freedom to decide which identification credentials they wish to disclose throughout their interactions online.
Identity Feature Is Launched By JP Morgan In The Metaverse
Users will be able to move easily between digital spaces like the Web3, DeFi, and the metaverse thanks to the new digital identification function, claims JP Morgan. Users will have complete control over their digital credentials thanks to the digital identity function.
Onyx, a product of JP Morgan, will power the new digital identification service. Onyx, which was introduced in 2020, is one of the first platforms powered by blockchain and driven by banks that enables users to exchange currency, data, and digital assets.
Crypto enthusiasts will be able to explore, share, and examine digital assets using a single digital identity, according to JP Morgan, who plans to use the digital identity function. The financial services holding company said the following in a brief explanation video:
“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 Investments in the Metaverse of JP Morgan
JP Morgan became the first bank to have a presence in the metaverse earlier this year when it opened a metaverse lounge in Decentraland, one of the most well-known blockchain-powered metaverses.
JP Morgan started enabling customers to access bank services at that time, such as establishing an account, depositing checks, or completing a mortgage application digitally, just as they would in the real world. Increased customer interest in the metaverse was reported by JP Morgan.
Thanks to Dominic Kimani at Business 2 Community whose reporting provided the original basis for this story.