UAE Bank Establishes Presence in Decentraland
The virtual bank is an important milestone in the digitization roadmap of the UAE.
CBI is Now in Decentraland
On Saturday, a top corporate and retail bank in Dubai, Commercial Bank International (CBI), announced its location's official launch in the Decentraland. This bank becomes the first UAE bank to have its presence in the metaverse. Using the metaverse map coordinates, users can access the bank in Decentraland at cbi.dcl.eth or (63, -127). They can also access it through Portals.
As an activation partner, CBI will debut its presence next week while it participates in XVERSE – a space in GITEX Global for those who want to integrate the metaverse technology. XVERSE will hold from October 10 to 14 at the Dubai World Trade Centre.
The bank has created a framework through collaboration with the UAE burger brand Pickl. As part of the plan, both parties will showcase the importance of a digital economy as a use case during the event.
Ali Sultan Rakkad Al Amri, the CEO of CBI, said,
"We are proud to be the first ever bank in the UAE and among the first in the Middle East to bring the Metaverse experience to our customers and people. It's a testament to our strong support and belief in the country's vision of being a leader in innovation worldwide."
Activities of UAE in the Metaverse
UAE has recently seen a rise in web3 and metaverse projects. Early this year, the government launched a Health Ministry Metaverse Customer Service and an NFT exhibition in the metaverse. In addition, Ajman City established a police Service in the metaverse in June.
In April, DAMAC Group, a UAE-based business conglomerate, announced it launched a $100 million fund to create digital cities in the metaverse. Shank Tank judge Kevin O'Leary became a UAE citizen as he planned to 'work freely' in a space hosting major cryptocurrency exchanges like FTX, Binance, and crypto.com.