Union Bank of India Jumps Into Metaverse World

Union Bank of India has launched ‘Uni-verse’ metaverse project in partnership with Tech Mahindra. Meanwhile, bankrupt Three Arrows Capital’s NFT fund is now worth a fraction of what it used to be a few months back.

Union Bank of India, a government owned public sector bank, has partnered with Tech Mahindra to open a virtual lounge and open a banking sandbox environment in the metaverse world. The virtual lounge is named ‘Uni-verse’ and it will provide customers all sorts of banking information like deposit rates, loan rates, government welfare scheme details and others. 
“You choose a digital avatar for yourself, enter the bank lounge and access the available banking services. Currently, we are giving informative services through which customers can seek details on social security services, loans and other banking products,” said Rajiv Mishra, chief technology officer (CTO), Union Bank of India, in an interview with Financial Express.

In other news, Three Arrows Capital which recently went under due to highly leveraged crypto bets now has another set of problems in its hands. Its non-fungible token (NFT) fund which aimed to raise $100 million just a few months back is now worth $4.2 million and it's the only institutional investor wrote off their entire investment. 
According to CoinMetrics researcher Kyle Waters, Three Arrows spent an estimated $21 million trying to build this NFT fund portfolio and this collection included many blockbuster NFT purchases, reported Coindesk.
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