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Avatar Social Platform IMVU Launches Ethereum Token to Power Its Virtual Economy

The VCOIN token launch got the green light from the U.S. Securities and Exchange Commission late last year.

Updated May 9, 2023, 3:14 a.m. Published Jan 12, 2021, 10:21 a.m.

Digital avatar and social networking platform IMVU announced the launch of its VCOIN digital token Tuesday, after getting the green light from the U.S. Securities and Exchange Commission (SEC) late last year.

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VCOIN is an Ethereum-based ERC-20 token that can be exchanged both on and off IMVU's platform.
Users will be able to buy goods and services with the digital tokens on IMVU's platform, while earners will be able to convert tokens into cash if desired.
“While most virtual platforms allow users to earn in-game credits, those credits cannot be converted into anything that holds value outside of that platform or game,” said John Burris, chief strategy officer.
The token will be sold initially at a rate of 250 VCOIN for $1, or $0.004 per token.
On Nov. 17, the SEC published a “no-action letter,” effectively granting IMVU permission to offer VCOIN to users, albeit with strict restrictions on how these tokens may be sold.

Ethereum Tokens IMVU

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.