Avatar Social Platform IMVU Launches Ethereum Token to Energy Its Digital Financial system
Digital avatar and social networking platform IMVU introduced the launch of its VCOIN digital token Tuesday, after getting the inexperienced gentle from the U.S. Securities and Change Fee (SEC) late final yr.
- VCOIN is an Ethereum-based ERC-20 token that may be exchanged each on and off IMVU’s platform.
- Customers will be capable of purchase items and companies with the digital tokens on IMVU’s platform, whereas earners will be capable of convert tokens into money if desired.
- “Whereas most digital platforms permit customers to earn in-game credit, these credit can’t be transformed into something that holds worth exterior of that platform or sport,” stated John Burris, chief technique officer.
- The token might be bought initially at a price of 250 VCOIN for $1, or $0.004 per token.
- On Nov. 17, the SEC printed a “no-action letter,” successfully granting IMVU permission to supply VCOIN to customers, albeit with strict restrictions on how these tokens could also be bought.
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