
The Infinite Retina
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Second Life, the virtual world, shut down all the virtual banks that had been built and operated there in 2008. Now, almost none of those banks were real financial institutions but rather individuals who had deigned to create a bank out of thin air and put it in operation among the denizens who populated Second Life. However, Second Life virtual banks actually had deposits made with real money, and ultimately, they were shut down due to a lack of regulation.
Figure 9.11: Photo credit: Second Life. One of the virtual banks that operated in Second Life before they were all shut down.
Nowadays, talk of a virtual bank refers to a real financial institution that operates without any physical bank branches―basically, an all-digital bank. A good example of this is Chime.
CaixaBank, in 2017, became the first bank in Spain to incorporate the iPhone X’s Face ID technology so that customers could access their accounts...
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