metaverse After the banks that started to open in the world, insurance companies are now entering this sector.
IMA Will Establish an R&D Facility on Decentraland as a Metaverse Breakthrough
IMA Financial Group, a major American insurance commission and asset management company, Decentraland (MANA) announced that it will establish a research and development facility on Bank giant JPMorgan recently opened a branch on Decentraland, an Ethereum-based virtual world.
Web3Labs, Denver-based IMA’s Metaverse breakthrough, said that their growth is in line with the developments in the NFT market. Justin Jacobs, the company’s senior vice president of marketing and architect of the Web3Labs platform, said:
“We have an industry of over $40 billion and there is no traditional insurance product in this industry. Many NFTs can be considered works of art, and today we do a lot of work in fine art, collectibles and insuring such assets.”
Up to the present cryptocurrency market didn’t have many insurance options apart from a few exchanges and wallets.
London-based insurance company Lloyd’s of London has recently started working on insuring cryptocurrencies in cold wallets. IMA, which is one of the largest insurance companies in the USA and expects revenues of around 500 million dollars this year, does not yet have insurance products for technologies such as NFT.
Jacobs also said that as a company, they do not only want to open a branch on Decentraland, but also want to explore the entire Metaverse value chain. IMA announced that among the services they want to provide is counseling to its customers who are cautious about DeFi.