Announcements, News | June 30, 2021
By: David Pimentel
Metaverses are reinventing the wheel of social engagement as fantasy worlds linked to real life are seeing massive growth. Crucial to their success is a next-gen virtual economy where players earn real value for their digital creativity. VCOIN, the first transferable digital currency for the IMVU metaverse, is launching a debit card that will, for the first time, let users earn in-game digital currency and spend in real life.
Powered by the digital wallet and trading platform Uphold, VCOIN’s debit card enables users to earn in-game currency directly into their Uphold account and use it for real-world purchases, earning 2% cashback on every transaction. The big picture goal is to make digital currency more accessible for the metaverse and practical in the real world, as there are now more crypto holders and metaverse players than ever.
“The ability to earn VCOIN in the metaverse and quickly access that value in the real world has been behind the premise of VCOIN,” said Nancy Beaton, VP of Strategy at VCOIN. “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 USD. 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.
VCOIN initially launched in IMVU, the leading friend discovery metaverse and social app, with a 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, thus unlocking its full potential to power peer-to-peer transactions and enable users to earn and convert VCOIN to real money for the real world.
“Uphold is dedicated to providing easier access and onramps to transformative digital currencies that will improve the virtual economy; and VCOIN is an exceptional digital currency that fits this bill,” said Uphold Chief Revenue Officer, Robin O’Connell. “We’re pleased to partner on this debit card so more users can spend their VCOIN at their favorite stores.”
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.