Union Bank of India Jumps Into Metaverse World, Bitcoin Down 4%, Ethereum Falls 3%

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.

Outlook Money Team

Updated on: 11 July 2022 9:29 am

Metaverse

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.

#UnionBankOfIndia is taking the next step in digital banking with its very own Metaverse Lounge. Say hello to the Uni-verse.

Read more about it here: https://t.co/xcPlqlS1w0 #metaverse #GoodPeopleToBankWith #AmritMahotsav pic.twitter.com/O145ENZfK2
— Union Bank of India (@UnionBankTweets) July 8, 2022

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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.

Cryptocurrency Prices

The global crypto market capitalisation went down by 2.79 per cent to $917.21 billion as of 8.50 am. The global crypto volume was down by 0.56 per cent to $54.28 billion, according to Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $20,562.84, lower by 3.45 per cent in the last 24 hours. Ethereum (ETH) was down by 3.34 per cent to $1,152.85.

Among other significant coins, Cardano (ADA) was down by 2.9 per cent at $0.4585, Algorand (ALGO) was trading with a loss of 4.58 per cent at $0.3036, Solana (SOL) was trading with a loss of 4.56 per cent at $35.63, Polkadot (DOT) was down by 4.44 per cent at $6.76, and Binance Coin (BNB) was down by 2.35 per cent at $231.21.

Today’s top gainer was Chiliz (CHZ), which was up by 5.25 per cent at $0.1067. The top loser was STEPN (GMT), which was down by 9.75 per cent at $0.8873.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 2.92 per cent at $0.06623. Its volume to market cap ratio stands at 0.03411. Rival Shiba Inu (SHIB) was down by 2.15 per cent at $0.00001108.

Dogelon Mars (ELON) lost 2.52 per cent to trade at $0.000000321, Floki Inu (FLOKI) lost 3.57 per cent at $0.000006408, and Samoyed Coin (SAMO) lost 6.48 per cent at $0.008638.

In the DeFi segment, YFI (yearn.finance) was down by 8.06 per cent at $5,887.81, and Terra Classic (LUNC) was trading with a loss of 3.91 per cent at $0.0001079. Avalanche (AVAX) was down by 3.56 per cent at $18.68, Uniswap (UNI) was trading with a loss of 3.09 per cent at $6.10, and Aave (AAVE) fell by 1.65 per cent at $77.22.