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The Redwood City, California Together Labs, owner of the IMVU social avatar platform, created VCoin as a transferable digital currency designed for the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One.
Now it has teamed up with Uphold, a digital wallet and trading platform that makes cryptocurrencies and other assets easily accessible, to launch a debit card that allows users to earn real in-game value and spend it on real-life transactions.
Players in IMVU create their own virtual items, like clothing or furniture for people to use with their social avatars. When other players buy those items, the creators make money in the blockchain-based VCoin cryptocurrency. IMVU gets a cut when people cash out their VCoin.
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Built on the widely adopted Ethereum blockchain, VCoin is an ERC-20 token that can be exchanged both on the IMVU platform, and, for the first time, off the platform. With the addition of VCoin, users can now 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. IMVU sells VCoin at a fixed price of 250 VCoin for $1 ($0.004 per VCoin). This is also the buy-back price.
The partnership will allow U.S.-based IMVU users to withdraw their VCoin earnings into their Uphold account and, for the first time, spend it via an Uphold Debit Card accepted at over 50 million retailers and ATMs, while earning 2% cashback on every transaction.
This new offering expands VCoin’s utility for holders and makes it easier for earners of VCoin to spend its value in real life. To obtain a card, users can go here.
To sign up for the Uphold debit card, users must have or create an Uphold account and then download the Uphold Card app. Once downloaded, users can connect their Uphold Account to the app and order a card. To receive a physical debit card, there is a one-time fee of $9.95. Digital-only debit cards are free to order and use through the Uphold Card app. For every purchase both online and in store, card holders will earn 2% cash back into their Uphold Account.
VCoin holders can also quickly access VCoin as soon as it is in their Uphold wallet, with no transfer wait times or hidden fees. That’s good news for the citizens of IMVU, which has digital economy that facilitates 27 million transactions and 14 billion credits changing hands each month.
IMVU received only the third crypto-centric no-action relief from the staff of the U.S. Securities and Exchange Commission (SEC), enabling IMVU to sell VCoin as a transferable non-security.
The card will first be available for U.S. residents with international availability coming soon. VCoin also plans to launch its own branded debit card through Uphold soon. That card will provide additional incentives for holders and users of VCoin.
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