JP Morgan, one of the main American banking entities and one of the most recognized worldwide, is reviewing the idea of creating a digital wallet with which its users can easily control their assets and their digital identity, with the possibility to use this wallet on different platforms.
From this entity they have made public a video detailing a solution that would allow its users to choose the identity credentials they want to share in their interactions in the metaverse, in DeFi and in Web3.
This digital wallet, if it becomes a reality, could help people prove, for example, ownership of their NFTs or move the content created between different platforms in this ecosystem. Now, the video includes a final disclaimer explaining that this digital wallet is only a “test” and that there is no guarantee that JP Morgan will finally launch this product.
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In fact, there is precedent in the sector: Microsoft launched on the Bitcoin EN mainnet last year as a form of decentralized entity. Contrary to what happens with classic email addresses or traditional usernames, decentralized identifiers are owned and controlled from the identity itself, being interesting for signing, ensuring access to other resources, verifying credentials or facilitating the application data sharing.
JP Morgan and crypto technology
This bank has had a unit that develops a blockchain-based platform called Onyx since 2020 and has intervened in the crypto space in different ways this year, for example, making an investment in the blockchain intelligence company TRM Labs in the month of February.
Additionally, the same month they presented a virtual show at Decentraland, noting that “the metaverse has a great market opportunity as creators increasingly turn to Web3 to monetize their work.”
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Likewise, analysts at this bank also announced in some reports in May that digital assets were beginning to replace real estate as “the preferred alternative asset class.”
