REDWOOD CITY, Calif.,
Jan. 13, 2021 /PRNewswire/
-- IMVU, the world's largest avatar social platform today
launched VCOIN, a transferable digital currency that allows users
to buy, gift, hold, earn and convert earnings to real money for the
real world. Setting the standard for digital currencies in
the metaverse, VCOIN unlocks the full potential of IMVU's virtual
economy adding a robust services economy to its already thriving
digital goods economy. 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.
Available now for the IMVU desktop, mobile web, and web
platforms, VCOIN is seamlessly integrated into the IMVU experience,
enabling secure, global peer-to-peer transactions at the click of a
button. IMVU's high-velocity economy currently sees more than
27 million transactions and 13 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.
"While most virtual platforms allow users to earn in-game
credits, those credits cannot be converted into anything that holds
value outside of that platform or game," said John Burris, Chief Strategy Officer, IMVU.
"VCOIN is a game-changer enabling comprehensive and dynamic virtual
economies where users can easily convert their earnings into fiat
or transfer them off platform."
"The service economy is a huge part of the IMVU experience,"
explains Daren Tsui, CEO of
IMVU. "For example, if two users want to host an event, they
may hire a room decorator, a photographer, a stylist, and more, to
make their event happen. Historically, payment for those
services was happening off-platform which adds a layer of friction
and vulnerability to the transaction. With VCOIN, users can
instantly pay for those services on the platform, and then easily
convert those earnings to cash around the globe."
VCOIN will be sold at 250 VCOIN for $1.00 or $0.004 per
VCOIN. Users can purchase, transact and earn VCOIN on IMVU and
easily transfer VCOIN off the platform to an open digital wallet,
send to any ERC-20 wallet or convert it to fiat at the original
purchase price less a transaction fee. 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.
"This model of creating a transferable cryptocurrency is unlike
any in the marketplace," said Nancy
Beaton, VP Strategy, IMVU. "Preserving the ability to play,
connect and conduct peer-to-peer transactions on the platform
combined with the transferable nature of the token off the platform
provides users with the features, security and control they want
over their in-game earnings."
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.
For more information on VCOIN, please visit:
www.therealvcoin.com.
For more information on IMVU, please visit: www.imvu.com.
And to keep up with real time information, follow VCOIN on the
following social channels: Twitter, Medium, Discord, and
LinkedIn.
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 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 powers 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:
Rogers & Cowan PMK, imvu@rogersandcowanpmk.com
Transform Group, imvu@transformgroup.com
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SOURCE IMVU, Inc.