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Decentraland: The financial activities happening in the Ethereum-based metaverse
With JPMorgan’s entrance into the metaverse, there’s a lot of discussion around opportunities for financial services to participate.
Decentraland is a three-dimensional virtual reality platform built on the Ethereum blockchain that stands at the forefront of this growing metaverse trend.
Decentraland appears to be an early hub for entertainment activities and economic boom in the metaverse. It has Sotheby’s London art gallery, museums, virtual events like the Paris Hilton concert that happened on New Year’s Eve, as well as token-based gambling.
Buying, selling, and mortgaging lands is another popular financial activity happening in the digital world.
Finance with a face: How personalization drives engagement, retention, and profitability
Five years ago, it was impossible for anyone besides a bank to offer banking products, and these products were relatively homogenous between banks.
Things have changed. New platforms have democratized the ability to offer financial services, causing banking products to proliferate across nearly every fintech vertical.
The spread of the ability for companies to offer these banking products, an arrangement called embedded finance or banking as a service, has led to an increase in competition.
But in a world of increased competition, who will emerge victorious?
Read more (Sponsored by Q2)
Just look at the charts
- Traditional banking strategy versus platform business model
Source: David Jimenez Maireles
2. Nubank’s quarterly report shows the compounding effect of customer engagement
Source: David Jimenez Maireles
Mixed reactions from the crypto world
The global crypto community has mixed feelings about Joe Biden’s executive order on digital asset regulation (CoinDesk)
Both co-heads of Citigroup’s digital assets quit
The co-heads of digital assets at Citi have both announced that they are leaving the bank to start a new venture in the crypto space (Finextra)
NCR accelerates move into open banking
Global enterprise technology provider NCR has acquired the fintech Intellectual Property for Open Banking (Business Wire)
A significant milestone for Flux
Flux, the UK’s leading digital receipts and offers platform, has announced that more than one million customers are now using its services in the UK (TechRound)
AngelList Venture secures $100 million round
The Tiger Global-led round values the firm at $4.1 billion (TechCrunch)
Could BaaS be the wrong strategy for some?
Banking as a service can be a smart move for banks that can make it work operationally, but only about a third of banks that want to get into it really understand the concept (The Financial Brand)
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