One of the major problems existing with traditional banks is access, steady income history for the client, high maintenance fees, substantial forms to fill and Credit ratings Involvement. In the Metaverse, such problems don't exist and there is even opportunity to create a banking system that is advantageous on a Global scale. Such advantages include opportunity to save and borrow money with lesser requirements compared with traditional banks. This is where MetaBank comes in. Metabank makes it easier for individuals and corporations to access high yield savings accounts and under-collateralized loans that serve as digital credit cards all within the confines of the metaverse or multiple metaverses. They can also purchase an NFT through various platforms.

METABANK showcase

How it's made

In our Banking Dapp, we made use of AAVE for the bulk of the application. We converted Eth to Dai and using Dai, the client will now be able to create a savings account and generate a credit limit. Once the credit limit is activated, the client will now be able to use the credit card to purchase NFTs or anything in the metaverse. We plan to use IPFS for storing the metadata including the DIgital Identity aspect and for lower gas fees and quicker transactions, we plan to deploy on Polygon.

Technologies used