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Together Labs is announcing it is launching a debit card for its VCoin currency that will let IMVU players withdraw their in-app virtual currency that they earn and spend it in real life.
Redwood City, California Together Labs, owner of the IMVU social avatar platform, has 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.
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 visit therealvcoin.com/debit-card/.
Above: VCoin is one of Together Labs’ efforts.
Image Credit: Together Labs
Nancy Beaton, vice president of strategy at VCoin, said in a statement that the ability to earn VCoin in the ‘metaverse’ and quickly access that value in the real world has been the premise of VCoin. She said that partnering with Uphold on a debit card makes this promise even more frictionless and accessible, creating a practical means by which metaverse users can earn digital currency that holds real world value to use in the real world.
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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