US SEC Cleared Stablecoin VCOIN Goes Live on IMVU Network
IMVU’s fiat-convertible VCOIN has gone live on its avatar social platform. According to an announcement on January 12, beginning today, users of IMVU will have access to VCOIN.
IMVU is already recording more than 27 million trades a month utilizing its non-blockchain-backed credits. VCOIN intends to provide users partaking in the trades the chance to exchange their rewards into value that can be utilized outside the platform by exchanging to fiat or through p2p (peer-to-peer) dealings, incorporating the game’s digital economy into remaining portion of the economy in a substantial manner.
With respect to the expectation of a lift to the virtual world business, IMVU’s chief strategy and blockchain officer, John Burris, said:
“All kinds of users are going to be able to specialize in their skill sets. So builders of rooms can now get paid by hosts that want to run that room, people who are great designing clothes but not great at marketing them can get paid by creators who put those virtual goods into the marketplace. You can take your VCOIN off platform and pay other users who have never even heard of IMVU with VCOIN because it will have real value.”
Users can trade VCOIN with IMVU for a fixed rate of $1 per 250 VCOIN, although a premium is anticipated for purchases via mobile gadgets to settle fees charged by Apple’s App Store and Google’s Play Store.
On the IMVU platform, the coin can be used as credits. There is no need to comply with KYC (know-your-customer) data such as government identification document until they want to transfer VCOINs out of the platform to wallets, where they can be used as normal ERC-20 tokens. Uphold, which provides hot wallets, will administer the VCOIN wallets.
Notably, IMVU is the third cryptocurrency to be awarded with a clearance (‘no further action is required’) letter from the US Securities and Exchange Commission. The SEC’s letter has established limitations for the use of the VCOIN, including directions for stable price that intend to ensure the token from being perceived as an investment in IMVU.
By linking VCOIN to the in-house economy of IMVU’s 3D avatar-based social platform, the company has establish a captivating application for a restricted crypto token, which is more convincing to the SEC instead of GRAM token offering from messenger app Telegram.