JP Morgan, which already has its own virtual office in the Decentraland metaverse, is taking a bigger step into the Web 3.0 digital economy. The bank is working on an interoperable digital ID tool for users to be used to “traverse across digital realms in a trusted way” like Web 3.0 or decentralized finance platforms.

One of the goals of the global digital IDs development is for users to be able to own control over multiple accounts across different platforms, without having to create numerous registrations and expose their personal data. Basically, a single ID is attached to various digital platforms, including the ones where a user stores and shares digital assets.  

“Imagine using only your credit score to take advantage of buy now pay later options without revealing all of your personal information. Prove ownership of your NFTs across platforms, and create content with freedom” 

The infrastructure provider behind the new solution is JP Morgan’s own Onyx blockchain platform. The platform processed more than $300 billion in short-term loans since its launch in December 2020.