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The Metaverse Gets its First Swiss Bank Branch

Sygnum Bank,  with roots in Switzerland and Singapore, will open a branch on New York’s virtual Times Square, welcoming visitors with a «crypto punk. According to experts, this metaverse hub is likely to be precedent-setting.

Sygnum Bank is planning to open a branch on New York’s Times Square. That sounds like a rather routine order of business for a bank. This branch, however, will be in cyberspace and the location virtual, making it the first Swiss bank to operate in the Metaverse. The Decentraland hub will showcase Sygnum’s Web3 product innovations, the bank said in a media report Thursday.

The Metaverse is an interactive 3D world based on open blockchain technology where users can socialize, play, work, shop, and develop new skills. Author Neal Stephenson coined the term «Metaverse» in his 1992 book «Snow Crash» which chronicles the adventures of hacker Hiro Protagonist who also happens to deliver pizza for the mafia.

Users’ avatars can learn about Sygnum in the crypto garden and see future finance’s introduction of the bank in action throughout the three-story complex. Areas include a lounge with a crypto-punk receptionist, an interactive NFT gallery with curated exhibitions, and an exhibition hall for events, launches, and functions.

Landmark Buildings

Decentraland is the first and largest metaverse to enable gaming and the purchase of virtual land, goods, and services. The virtual world is among the most promising candidates for the further construction of the metaverse. The project, built on the Ethereum blockchain, already hosts numerous lands with landmark buildings and diverse backdrops.

Sygnum, with roots in Switzerland and Singapore, is convinced that the Metaverse enabled by Web3 technologies will fundamentally change the Internet.

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