The metaverse continues to attract attention from crypto and blockchain firms, but TradFi is exploring its opportunities too. Quontic, a US digital bank, has set up shop in the virtual world. The firm aims to connect with customers, offer education, and bring banking services into the metaverse through this approach.
Quontic Bank Goes More Digital
It is interesting to see how banks and other institutions continue to explore new digital opportunities. There is a good reason for doing so, as Web3 will offer a new degree of interconnectivity between users, companies, and brands. Entering the metaverse is a bit tricky, as the technology does not exist yet. However, Quontic has set up a virtual outpost just in case it would take off.
Quontic opted for setting up shop in Decentraland, one of the biggest metaverse-oriented projects today. The building is inspired by greek-revival and has a graffitied concrete base. The back of the building hosts visitors looking to socialize, explore limited-edition NFTs, and listen to a DJ taking care of the music. Eventually, the location will provide educational material and, potentially, banking services.
Quontic Bank CEO Steve Schnall adds:
“Quontic was the first bank to offer Bitcoin rewards on checking accounts, the first to offer a wearable payment solution, and now, the first to open an outpost in the metaverse. Banking once required consumers to visit a location and rely on printed documents to manage their money with personal support from a teller, today we carry all of that power in our pockets on an app, but the experience is cold. In the not so distant future, our customers will have the best of both worlds, and this outpost is the first step towards that level of service.”
While it is true Quontic has set some interesting precedents for cryptocurrency and banking, the competition will heat up. Especially in the metaverse, as other banks are making inroads, including JPMorgan, Fidelity, HSBC, and Caixabank. This competition will prove beneficial to users, although not all of them will offer Bitcoin-related incentives.