Together Labs unveils debit card for customers to invest virtual currency in true life

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 invest it in true life.

Redwood City, California Together Labs, owner of the IMVU social avatar platform, has made VCoin as a transferable digital currency created 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 tends to make cryptocurrencies and other assets conveniently accessible, to launch a debit card that makes it possible for customers to earn true in-game worth and invest it on true-life transactions.

The partnership will permit U.S.-based IMVU customers to withdraw their VCoin earnings into their Uphold account and, for the initial time, invest it by way of an Uphold Debit Card accepted at more than 50 million retailers and ATMs, although earning 2% cashback on each and every transaction.

This new providing expands VCoin’s utility for holders and tends to make it less difficult for earners of VCoin to invest its worth in true life. To acquire a card, customers can pay a visit to therealvcoin.com/debit-card/.

Nancy Beaton, vice president of approach at VCoin, stated in a statement that the potential to earn VCoin in the ‘metaverse’ and speedily access that worth in the true world has been the premise of VCoin. She stated that partnering with Uphold on a debit card tends to make this guarantee even more frictionless and accessible, generating a sensible indicates by which metaverse customers can earn digital currency that holds true world worth to use in the true world.

To sign up for the Uphold debit card, customers need to have or make an Uphold account and then download the Uphold Card app. Once downloaded, customers can connect their Uphold Account to the app and order a card. To obtain a physical debit card, there is a one-time charge of $9.95. Digital-only debit cards are free of charge to order and use by means of the Uphold Card app. For each and every acquire each on the net and in shop, card holders will earn 2% money back into their Uphold Account.

VCoin holders can also speedily access VCoin as quickly as it is in their Uphold wallet, with no transfer wait instances or hidden charges. That’s excellent news for the citizens of IMVU, which has digital economy that facilitates 27 million transactions and 14 billion credits altering hands each and every month.

IMVU received only the third crypto-centric no-action relief from the employees of the U.S. Securities and Exchange Commission (SEC), enabling IMVU to sell VCoin as a transferable non-safety.

The card will initial be offered for U.S. residents with international availability coming quickly. VCoin also plans to launch its personal branded debit card by means of Uphold quickly. That card will provide extra incentives for holders and customers of VCoin.

Originally appeared on: TheSpuzz