REDWOOD CITY, CA. - VCOIN, the first transferable digital currency designed for the metaverse and Xsolla, the video game commerce company that helps developers and publishers market, sell, connect and optimize their games globally, today announced a partnership that will support the metaverse for all gamers and creators by expanding the usability of VCOIN. VCOIN first launched in IMVU, the leading friend discovery metaverse and social app, in order to let users buy, gift, earn and convert earnings to real money for the real world. Both VCOIN and IMVU are owned and operated by Together Labs.
VCOIN and Xsolla reached an agreement to explore multiple product integrations in order to support and scale the metaverse for gamers and creators around the world.
“We know that Metaverse users and gamers play on many different platforms. With this announcement, our users will soon be able to earn VCOIN on the IMVU platform and directly use that to purchase other in-game credits through Xsolla’s vast commerce platform. This makes VCOIN one of the first digital assets to connect users’ experiences across the metaverse,” said Nancy Beaton, VP of Strategy of VCOIN.
“Xsolla aims to be wherever the gamers are, from mobile to PC to VR and now the metaverse. We want to provide our partners with the tools and services that help them scale and monetize their products worldwide,“ said Anton Zelenin, Head of Game Commerce at Xsolla. “We look forward to working with IMVU to advance the usability of VCOIN and exploring the integration of additional products to support players around the world.”
VCOIN, launched in January 2021, enables secure, global peer-to-peer transactions on IMVU's high-velocity economy which currently sees more than 27 million transactions and 14 billion Credits changing hands each month. With the addition of VCOIN, users can now easily and instantly pay for goods and services on the platform -- no complicated crypto wallets, or even bank accounts required -- and then convert their earned VCOIN into cash at an established rate.
The global trend toward metaverses sparked exponential growth, which was driven by the pandemic and the evolution of social media to fulfill the need for human connections online, and the desire for additional sources of income. However, this growth exposed the shortcomings of many digital platforms, which are limited to single-use virtual good economies, lack peer-to-peer service capabilities, and allow users to earn in-game credits without any way to convert earnings into fiat for real-world use. VCOIN solves these problems, unlocking the full potential of virtual economies and setting a new standard for the future of the metaverse, powered by easy, secure, and global peer-to-peer payments across the metaverse and into the real world. Additionally, partnering with Xsolla extends these capabilities to more users, allowing them to transact securely and build communities with gamers around the world.
VCOIN is an ERC-20 token, built on Ethereum, the most widely adopted blockchain technology, that can be exchanged both inside the IMVU platform and for the first time, off of the platform. IMVU received no-action relief from the Staff of the U.S. Securities and Exchange Commission (SEC). With the no-action letter, IMVU can sell VCOIN as a transferable non-security. It is currently available now on the IMVU desktop, mobile web, and web platforms.