Xsolla to Partner with IMVU’s VCOIN to Expand Usability and Support the Metaverse for All Gamers and Creators

REDWOOD CITY, CA, April 22, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) –– VCOIN, the first transferable digital currency designed for the metaverse and Xsolla, the video game commerce company that helps developers and publishers market, sell, connect and optimize their games globally, today announced a partnership that will support the metaverse for all gamers and creators by expanding the usability of VCOIN. VCOIN first launched in IMVU, the leading friend discovery metaverse and social app, in order to let users buy, gift, earn and convert earnings to real money for the real world. Both VCOIN and IMVU are owned and operated by Together Labs.

VCOIN and Xsolla reached an agreement to explore multiple product integrations in order to support and scale the metaverse for gamers and creators around the world.

“We know that Metaverse users and gamers play on many different platforms. With this announcement, our users will soon be able to earn VCOIN on the IMVU platform and directly use that to purchase other in-game credits through Xsolla’s vast commerce platform. This makes VCOIN one of the first digital assets to connect users’ experiences across the metaverse,” said Nancy Beaton, VP of Strategy of VCOIN.

“Xsolla aims to be wherever the gamers are, from mobile to PC to VR and now the metaverse. We want to provide our partners with the tools and services that help them scale and monetize their products worldwide,“ said Anton Zelenin, Head of Game Commerce at Xsolla. “We look forward to working with IMVU to advance the usability of VCOIN and exploring the integration of additional products to support players around the world.”

VCOIN, launched in January 2021, enables secure, global peer-to-peer transactions on IMVU's high-velocity economy which currently sees more than 27 million transactions and 14 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. 

The global trend toward metaverses sparked exponential growth, which was driven by the pandemic and the evolution of social media to fulfill the need for human connections online, and the desire for additional sources of income. However, this growth exposed the shortcomings of many digital platforms, which are limited to single-use virtual good economies, lack peer-to-peer service capabilities, and allow users to earn in-game credits without any way to convert earnings into fiat for real-world use. VCOIN solves these problems, unlocking the full potential of virtual economies and setting a new standard for the future of the metaverse, powered by easy, secure, and global peer-to-peer payments across the metaverse and into the real world. Additionally, partnering with Xsolla extends these capabilities to more users, allowing them to transact securely and build communities with gamers around the world.

VCOIN is an ERC-20 token, built on Ethereum, the most widely adopted blockchain technology,  that can be exchanged both inside the IMVU platform and for the first time, off of the platform. 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. It is currently available now on the IMVU desktop, mobile web, and web platforms. 

For more information about VCOIN and IMVU, please visit https://therealvcoin.com/

Built on blockchain technology, VCOIN is an ERC-20 token that can be purchased, earned and exchanged within peer-to-peer virtual economies -- and, for the first time, be transferred off platforms and converted to fiat. VCOIN enables users to buy, earn, hold and exit to real value, giving users control over their earnings. VCOIN is already used in IMVU, the leading friend discovery metaverse and social app, and both are Together Labs companies. www.therealVCOIN.com.

About Xsolla Xsolla is the video game commerce company, powered by Transaction Engine and Business Engine, that helps developers and publishers market, sell, connect and optimize their games globally. Serving only the video game industry, the Xsolla Transaction Engine powers the full suite of cloud-based tools to promote and monetize projects, while Xsolla Business Engine provides clients with the roadmap to maximize those tools, and connect them with industry partnerships to expand their business. The two work seamlessly together -- for businesses of all sizes, from indie to enterprise -- to solve the complexities of distribution, marketing and monetization so they can increase their audience, sales and revenue. Headquartered in Los Angeles, with offices worldwide, Xsolla operates as a merchant and seller of record for major gaming entities like Valve, Twitch, Roblox, Ubisoft, Epic Games and KRAFTON. For more information, please visit www.xsolla.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.

About Together Labs
Together Labs innovates technologies that empower people worldwide to connect, create and earn in virtual worlds. Our mission is to redefine social media as a catalyst for authentic human connection through the development of a family of products grounded in this core value. These include: IMVU, the world's largest avatar social platform; VCOIN, the first regulatory-approved transferable digital currency; and WithMe, an upcoming mobile platform built on insights from the science of friendship. For more information, please visit https://togetherlabs.com/

Media Contact: Transform Group, imvu@transformgroup.com