Mizuho Bank Launches “Metaverse Coin”
Japanese bank unveils metaverse payment gateway, which aims to provide secure and seamless transactions.
One of the leading Japanese banks, Mizuho Bank has announced its most recent development which aims to ease metaverse-related payments. The bank has launched a payment service designed exclusively for the metaverse ecosystem.
Unveiling Metaverse Coin
Makoto Umemiya, the deputy of Mizuho Financial Group unveiled the new metaverse-enabled payment gateway called “Metaverse Coin”. Umemiya noted it will assist gaming companies and other digital businesses in permitting their respective customers to purchase items within their metaverse spaces. The bank hopes to utilize its 150 years of banking experience to validate transactions and provide secure metaverse payments.
Users can access this new gateway using Mizuho’s J-coin Pay smartphone payment service, enabling fast transactions for users. Metaverse Coin is expected to become a stable payment method, this is because it would be linked to a bank account.
Last October, Mizuho announced plans to launch Metaverse coin through a social media campaign. The campaign helped Mizuho Bank gain insights from a wide range of individuals who stated their respective metaverse expectations. Launching Metaverse Coin is a pointer that the bank recognizes the importance of a seamless payment interface in the metaverse.
Other Banks Thriving In The Metaverse
In recent times, many financial institutions have delved into metaverse and Web3 technology. The Bank of Thailand announced plans to submit three licenses in 2024 and enable authorized virtual banks to commence operations in 2025. Late last year, HSBC filed for metaverse trademark applications for its name and logo, signifying its interest in exploring non-fungible tokens (NFTs) and the metaverse. Other banks like DBS Bank and Sygnum have debuted the metaverse with the aim to educate the community on innovative financial products and the future of finance.
