REDWOOD CITY, Calif.,
Nov. 20, 2020 /PRNewswire/
-- IMVU, the world's largest avatar social platform, today
announced it received no-action relief from the Staff of the U.S.
Securities and Exchange Commission (SEC) regarding the sale of
VCOIN, IMVU's new digital asset. Based on the no-action letter,
IMVU plans to sell VCOIN as a non-security. VCOIN enables
users to buy, gift, earn and, for the first time, transfer a
digital asset off the IMVU platform to convert it to fiat.
VCOIN launches in the massive IMVU economy early January 2021. Currently, the IMVU economy sees
more than 27 million monthly transactions and 14 billion Credits
changing hands each month for virtual goods and services. But these
Credits remain locked on the platform. With the introduction of
VCOIN, users can hold, earn and convert to real value off-platform
- something that IMVU's current in-game Credit economy hasn't been
able to provide users.
"Users of IMVU, and really all virtual and game users, want to
be able to earn real value for the services and goods they offer
and VCOIN will be the first to provide this," said John Burris, Chief Strategy Officer, IMVU.
"Launching VCOIN into the high-velocity IMVU economy, it could
quickly become one of the most active, largest and user-focused
digital asset economies in the space."
At its core, IMVU's global metaverse is a platform where 7
million monthly active users can connect and foster authentic
friendships. The economy is the result of a community of
thousands of users that power IMVU's massive digital asset catalog
of over 50 million items, which grows by 400K digital items per month for users to shop
and enjoy the latest in fashion trends. Today on IMVU, the
peer-to-peer service-oriented economy is flourishing and for those
users that are hired by their peers on the platform, VCOIN will
provide a new way to earn value that can be converted into cash and
used in the real world.
"With this announcement, IMVU maintains its category leadership
as an immersive metaverse powered by a virtual economy," said
Daren Tsui, CEO, IMVU. "To continue
to grow the IMVU economy, VCOIN will be integrated with our users
in mind. It will be secure and easily purchased on the platform,
like our existing Credits, with no complicated crypto wallets
required. It will be unlike anything in the market today."
Built on the Ethereum blockchain and adhering to the ERC-20
standard, VCOIN leverages the most mature and widely accepted
global blockchain network. Although KYC is not required to purchase
and use VCOIN on IMVU's platform, KYC is required for users who
want to transfer their VCOIN off the platform and convert it to
fiat.
"IMVU's established user base and extensive business history
gave VCOIN the right platform, right controls and right economy in
which to launch an owned token that could provide users' unmet
needs - including the ability to exit the platform and convert to
fiat for use in the real world," said Nancy
Beaton, VP Strategy & Blockchain for IMVU. "We
appreciate the SEC Staff's time and consideration of our no-action
request, and the no-action letter that followed."
For more information on VCOIN, please
visit: www.therealVCOIN.com.
Join VCOIN on Discord, Twitter, Medium and LinkedIn
For more information on IMVU, please
visit: https://about.imvu.com/
About VCOIN
Created by IMVU, the world's largest
avatar social platform, and built on blockchain technology, VCOIN
is an ERC-20 token that can be purchased, earned and exchanged
within the IMVU peer-to-peer economy -- and for the first time,
allowed to be transferred off of the platform and converted to
fiat. VCOIN enables users to buy, earn, hold and exit to real
value, giving users control over their
earnings. www.therealVCOIN.com
About IMVU
Based in Silicon Valley, IMVU (imm-view) is
the world's largest avatar social platform, and a top 5 grossing
app in the App Store, where millions of users customize their
characters and explore over 400,000+ destinations to connect with
each other. Through chat and events, IMVU's massive metaverse
enables and empowers friendship and human connection. A
community of hundreds of thousands of users power IMVU's peer to
peer economy by designing and selling virtual goods and
destinations, adding to a growing catalog of 50 million items.
The IMVU experience is available on the web, a desktop app, and
as an iOS and Android app.
Media contact: Transform Group,
imvu@transformgroup.com.
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SOURCE IMVU, Inc.