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Together Labs announces that it is launching a debit card for its VCoin currency that will allow IMVU players to withdraw their virtual currency in the app they earn and spend it in real life.
Redwood City, California Together Labs, owner of the social avatar platform IMVU, has created VCoin as a transferable digital currency designed for the metaverse, the universe of virtual worlds that are all interconnected, as in novels like Snow crash other Ready Player One.
Now it has partnered 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 value in the game and spend it on transactions of life. real.
The partnership will allow US-based IMVU users to withdraw their VCoin earnings to their Uphold account and, for the first time, spend them via a Uphold debit card accepted at more than 50 million retailers and ATMs. , while getting a 2% refund on every transaction.
This new offering expands the usefulness of VCoin to holders and makes it easier for VCoin winners to spend its value in real life. To obtain a card, users can visit therealvcoin.com/debit-card/.
Nancy Beaton, VP 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 partnering with Uphold on a debit card makes this promise even easier and more accessible, creating a practical means by which metaverse users can earn digital currency that has real-world value to use in the real world.
To enroll in the Uphold debit card, users must have or create a Uphold account and then download the Uphold Card app. Once downloaded, users can connect their Uphold account to the app and request a card. To receive a physical debit card, there is a one-time fee of $ 9.95. Digital-only debit cards can be ordered and used for free through the Uphold Card app. For every purchase, both online and in store, cardholders will get a 2% cash back on 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 a digital economy that facilitates 27 million transactions and 14 billion credits that change hands every month.
IMVU received only the third crypto-focused no-action relief from the U.S. Securities and Exchange Commission (SEC) staff, allowing IMVU to sell VCoin as a transferable non-security.
The card will be available first to US residents and will be available internationally soon. VCoin also plans to launch its own branded debit card through Uphold soon. That card will provide additional incentives for VCoin holders and users.
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