Sygnum, a Switzerland-based asset manager and crypto bank, is set to make its first debut on the metaverse. The banking firm plans to launch a virtual hub on Decentraland before the end of September. 

Swiss Bank Embraces The Metaverse 

On September 1st, the Swiss bank, Signum, announced that it wants to open a digital branch in New York’s digital Times Square. This virtual office will have a CryptoPunk receptionist who will attend to clients.

The avatar of users would be able to walk around the digital space, which features a three-story complex. They would learn more about the bank in the cryptocurrency garden and see the future of finance.

It would feature a hall for virtual events, functions, and launches. The digital space will also have an interactive and immersive NFT gallery. Also, it would showcase the Web3 products of the bank and provide a gateway for investors to enter the metaverse economy. 

Meanwhile, this initiative will make Sygnum the first Swiss bank to operate in the digital world. Martin Burgherr, the bank’s chief clients officer, stated that:

“This new digital hub will be a place to display the company’s web3 innovations. Additionally, it would provide a safe gateway for clients to enter the upcoming digital economy.”

Furthermore, this is not the first time the bank has entered the web3 sector. Before now, it tokenized an NFT, Cryptopunk #6808. This is the same CryptoPunk that will feature as a receptionist at its virtual office.

Financial Institutions Should Target New Generation Customers – Gerosa

Additionally, the bank launched other products like regulated ETH staking using open blockchain platforms. The bank is also a member of Klaytn’s governing council. 

Klaytn is a South Korean-based metaverse blockchain. Recently, Klaytn became the blockchain partner of Serendale, a DeFi platform.

According to the bank’s announcement, it will officially launch the digital hub on September 27th. There would also be a live stream of the event.

Sygnum follows the footsteps of other banking firms that have entered Decentraland. In January, the banking firm JPMorgan joined the virtual space blanching an Onyx Lounge in Decentraland. 

JPMorgan named the virtual space after its crypto-based unit. The lounge features an image of Jamie Dimon, the bank’s CEO. The image also transforms into an image of Christine Moy, the former leader of Onyx.

Speaking to finews, Gianluca Gerosa, Reyl Intesa Sanpaolo’s asset management leader, said banks need to embrace the metaverse. The metaverse would be part of their development strategy. 

According to Gerosa, the metaverse can be a gateway for banks to attract a new generation of customers. Also, it can provide sustainable growth, which is limited in the physical world.