Swiss Bank Sygnum Opens Shop in Decentraland

Credit: Sygnum

Sygnum bank will become the first Swiss bank to enter the metaverse when it opens its virtual doors later this month in Decentraland. With the move, the bank intends to connect with clients looking for blockchain and crypto-based financial services, as well as showcase the bank’s Web3 product innovations.

The bank will be opening later this month in Decentraland’s virtual version of New York’s Times Square. The virtual banking hub will feature a non-fungible token (NFT) gallery with curated exhibitions, a virtual CryptoPunk receptionist, and an exhibition hall to host events and product launches.

In 2019, Sygnum became one of two banks awarded licenses to connect traditional finance with blockchain and cryptocurrencies. Martin Burgherr, Sygnum’s Chief Clients Officer, said he believed the metaverse was accelerating and that a whole new generation of people are comfortable shopping, working, and socializing in virtual spaces.

Decentraland has risen to become one of the most popular decentralized metaverses in existence. The virtual world lets users purchase virtual real estate in the form of NFTs and use the land to open businesses, host events, and monetize it in other ways. Over the past year, Decentraland has become the virtual home of several businesses, brands, and celebrities — and is growing every day.

Is Web3 the Future of Banking?

Sygnum may be the first Swiss bank to open in the metaverse, but it certainly isn’t the first bank to invest in Web3. At Rarity Sniper, we’ve covered several financial institutions opening hubs in decentralized metaverses. Here are some of the top stories.

About six months ago, HSBC became the first global bank to enter The Sandbox metaverse. The bank plans to use digital land to engage with e-sports, sports, and gaming fans. Through its partnership with The Sandbox, the bank intends to build “innovative brand experiences” for customers.

Next, about a month ago, South Korea’s top bank KEB Hana opened a virtual branch in The Sandbox. The virtual branch will provide basic banking services, investment advice, and other banking products offered by KEB Hana.

Lastly, the American company Capital One filed for three trademark applications in May to protect its name, slogan, and logo from infringement in the metaverse. The trademarks are also for NFTs, virtual credit cards, metaverse banking services, metaverse travel services, and metaverse business software.

As the metaverse evolves into a trillion-dollar industry, it’s not surprising that banks want to secure their presence in these virtual worlds. We’ll have to wait and see how successful Sygnum’s metaverse banking hub is. But considering the amount of activity we’ve seen in top metaverses recently, we think it’s likely more banks will follow in their footsteps.