Commercial Bank International Becomes The First Bank In Dubai To Enter The Metaverse 

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Commercial Bank International Becomes The First Bank In Dubai To Enter The Metaverse 

Commercial Bank International (CBI), Dubai-based retail and corporate bank, have joined the metaverse frenzy. The bank has launched a metaverse location on Decentraland, making it the first bank in the United Arab Emirates to achieve such a feat.

CBI Launches Metaverse Space On Decentraland 

Meanwhile, CBI is one of the few banks in the Middle East to embrace the metaverse. The company’s digital site in Decentraland is now accessible to guests. 

Decentraland is a decentralized virtual world on Ethereum where users can buy and sell virtual land. The land is divided into parcels, and each parcel exists as an NFT, meaning it can never be changed. Users can build anything they want on their land, including houses, shops, games, and other applications. Because they are in control of their assets in the metaverse, they can monetize their holdings for passive income, or even sell them to interested bidders for a profit.

CBI users can access the location in Decentraland through cbi.dcl.eth or use the Decentraland GPS coordinates of (63, -127). However, there are other websites through which users can access the digital space. 

Additionally, CBI will officially launch its virtual office next week as they partake in XVERSE. XVERSE is a location at GITEX Global solely devoted to firms ready to embrace metaverse tech as an Activation Partner.

The event will hold from October 10th to 14th at the prestigious Dubai World Trade Centre. In addition, the CBI has organized a future-facing program that will hold at their stand during the event. 

As a result, the corporate bank will partner with Pickl, a burger chain with roots in the United Arab Emirates. This collaboration aims further to showcase the metaverse and its possible use cases.

Both entities will demonstrate a real-time and real-world application of the metaverse. The bank stated that this demonstration would be the first of its kind in the Middle East. Pickl and the CBI will perform a show to illustrate how the virtual world may further empower a digital economy.

CBI To Continue Adopting Cutting-edge Technologies

Meanwhile, Ali Sultan Rakkad Al Amri, CBI’s CEO, stated that the bank is proud to be the first bank in the United Arab Emirates to take such a bold step. The CEO added that the bank would deliver the metaverse experience and feeling to both its clients and workers.

Also, Rakkad Al Amri said the recent achievement demonstrates the bank’s firm faith and unwavering support in Dubai’s long-term goal of being the world’s leading innovator. Additionally, the bank plans to improve the merging of the real and digital worlds.

Therefore, it would continue to embrace new cutting-edge technology and digitalization projects. These steps will help place the company above others in the digital economy. 

Besides, the opening of CBI’s virtual site is a significant landmark in the organization’s ongoing journey through the metaverse

CBI said it would add value to an interactive Web3 adventure at their stand in GITEX’s XVERSE event. Visitors will have the chance to discover a new phase of CBI as they journey through the metaverse.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.