BREAKDOWN: JPMorgan Moves Into the Metaverse
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 16 February 2022
⏱️ 16 minutes
🧾️ Download transcript
Summary
But does this highlight adoption, risk or both?
This episode is sponsored by Nexo, Arculus, and FTX US.
On today’s episode, NLW looks at the news that JPMorgan has opened a lounge in Decentraland. Specifically, he explores whether the growing corporate interest in the metaverse is a positive reflection on the accessibility of the metaverse, or if it should also represent a warning to a Web 3 community that is dreaming of an open, permissionless new internet. The episode also looks at two recent bills in Congress, one which would help preserve consumers’ ability to self-custody their digital assets, and one that would draw reserve guidelines around stablecoins.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Vision” by OBOY. Image credit: Nathan Laine/Bloomberg/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk. |
| 0:22.9 | What's going on, guys? It is Wednesday, February 16th, and today we are talking about |
| 0:27.6 | J.P. Morgan in the Metaverse. Before we get into that, however, if you are enjoying the breakdown, |
| 0:33.6 | please go subscribe to it, give it a rating, give it a review, and if you want to get deeper |
| 0:38.2 | into the conversation, come join us on the Breakers Discord. It's a place where we chat about |
| 0:43.8 | everything that's going on in the show, everything that's going on in the crypto world, |
| 0:47.2 | the macro world, the political world, you name it, it's probably happening there. You can find |
| 0:51.9 | a link in the show notes or go to bit.ly slash breakdown pod. |
| 0:56.1 | Finally, a disclosure, as always, in addition to them being a sponsor, I also work with FTX. |
| 1:01.7 | So today is a little bit of a catch-up day and we're catching up on two areas. What's the latest in |
| 1:06.3 | institutions getting involved in this space and what's the latest in regulatory conversations around |
| 1:11.7 | the space. So let's start with one that is clearly here to just pour gasoline on the fire of |
| 1:18.4 | the metaverse skeptics. J.P. Morgan has set up shop in Decentraland. They now have something called |
| 1:25.2 | the Onyx Lounge, which is named after their crypto and blockchain |
| 1:28.6 | unit. The lounge features an image of JPMorgan's CEO Jamie Diamond, which transforms into a |
| 1:34.8 | picture of the company's Christine Moy. It's a lounge where you wander over and hang out with |
| 1:41.1 | your favorite investment bank, question mark. Now, JPM is claiming the status as the |
| 1:46.0 | first banking institution to enter the Metaverse, and as you might expect, Crypto-Twitter's |
| 1:51.4 | reaction is somewhat skeptical. Frank Chaparro from the block writes, chilling in J.P. Morgan's |
| 1:56.8 | Metaverse Lounge in DeCentraland. They have a tiger. Alex Kruger says, what do you go to a |
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