#JPMorgan has invested in #Tilia, a #payments platform initially built to power the economy of online virtual world #SecondLife.
#metaverse #virtualreality #web3 #crypto @Finextra
finextra.com/newsarticle/41162/jp-morgan-invests-in-second-lifes-payment-platform-tilia
#Tilia is built for #game, #virtual world and mobile app developers, handling #payment processing, in-game transactions, as well as payouts to creators by converting in-world #tokens to fiat currency including #USD.
The unit was built from the ground up by @LindenLabs to power #SecondLife and its creator-based economy but is now being spun out as it looks to take cash in on the expected #metaverse goldrush.
The firm, which has money transmitter licenses in the US, already works with several #virtualworlds and #metaverses, online games, and #NFT marketplaces, including Second Life, #Upland and #Avatus.
In addition to the investment, @Tilia is working with JP Morgan Payments to enhance its current capabilities throughout its processing platform including providing increased payment and payout methods, and expanding pay-out currencies and support services.
Drew Soinski, MD, JP Morgan Payments, said: "We believe that contextualized commerce, such as virtual economies within games and virtual worlds, is an area perfectly positioned for innovative payments solutions to play a critical role in the coming years.”
JP Morgan are amongst 250+ global brands I’ve tracked, analysed & documented in Notion.
If you work in emerging tech, sales, marketing or product development, then this is essential reference and insight of real life uses cases for #NFTs, #web3, #blockchain and the #metaverse
Rick Huckstep
@rickhuckstep
Making Sense Of Disruptive Technologies & The Tech Economy | 🗣 Speaker | 📖 Writer | 🎙 Podcaster | 👨👩👧👦 Community