CBI Joins Metaverse in Dubai: First Bank to Dive into Virtual Reality

MetaversePlanet October 11, 2022Last Updated: August 14, 2024

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Commercial Bank International (CBI), a corporate bank based in Dubai, has recently made a significant move by entering the Metaverse.

The bank has acquired a piece of virtual land within Decentraland, a notable Metaverse platform. Additionally, CBI has introduced several of its services in this virtual space.

This groundbreaking initiative has positioned CBI as the first bank in the United Arab Emirates to venture into the Metaverse, marking a pioneering achievement in the region.

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CBI Decentraland Opens Business in Metaverse!

CBI Joins Metaverse in Dubai: First Bank to Dive into Virtual Reality

CBI stands out as one of the few banks in the Middle East to embrace the Metaverse. The bank has opened its digital presence within Decentraland to the public.

Decentraland is a decentralized virtual world built on the Ethereum blockchain, where users can buy and sell virtual land, with each plot represented as an NFT (Non-Fungible Token). On this virtual land, users have the creative freedom to construct various structures such as houses, shops, games, and other applications. What’s remarkable is that users retain control over their assets in the Metaverse, enabling them to generate passive income by monetizing these assets.

CBI users can access their Decentraland location through cbi.dcl.eth, or by using the Decentraland GPS coordinates (63, -127). There are also alternative websites that provide access to this digital space. Furthermore, CBI is set to officially launch its virtual office as part of its participation in XVERSE, scheduled for next week. XVERSE is a platform designed for companies that are eager to embrace Metaverse technology.

The event will take place at the Dubai World Trade Center from October 10th to 14th. During this event, CBI plans to feature a forward-looking program at its booth. In an exciting partnership, the corporate bank has joined forces with Pickl, a burger chain originating from the United Arab Emirates.

This collaboration aims to showcase the potential use cases of the Metaverse and demonstrate its real-time, real-world implementation within both organizations. CBI asserts that this exhibition will be the first of its kind in the Middle East. Together, Pickl and CBI will stage a demonstration to illustrate how the virtual world can further bolster the digital economy.

The Bank Will Continue to Research the Latest Technologies!

CBI’s CEO, Ali Sultan Rakkad Al Amri, expressed immense pride in the bank’s pioneering role as the first in the United Arab Emirates to embark on such a groundbreaking venture. Al Amri underlined the bank’s commitment to offering both its customers and employees an immersive Metaverse experience and atmosphere.

Furthermore, he emphasized that the recent success exemplifies the bank’s strong belief in and unwavering support for Dubai’s long-term aspiration to become a global leader in innovation. Additionally, the bank is dedicated to enhancing the convergence of the physical and digital realms.

To achieve this goal, CBI will continue to embrace cutting-edge technology and digitalization projects, positioning itself as a leader among banks in the digital economy.

The launch of CBI’s virtual presence marks a significant milestone in the organization’s ongoing journey within the Metaverse.

During the GITEX’s XVERSE event, CBI announced its intention to add value to an interactive Web3 adventure. Visitors will have the opportunity to explore a new facet of CBI as they navigate through the Metaverse.