Social platform IMVU has long been a big player in the metaverse game, with 7 million monthly users. Last year, parent company Together Labs took things a step further with the launch of VCOIN, a blockchain-based cryptocurrency that users can spend within IMVU or convert to real-world money. VCOIN, the only active cryptocurrency for which the U.S. Securities and Exchange Commission has issued a no-action letter (giving it legal stability), creates the “building blocks” for other metaverses to establish their own future cryptocurrencies, says Together Labs CEO Daren Tsui.
A weekly newsletter featuring conversations with the world’s top CEOs, managers, and founders. Join the Leadership Brief.
More Must-Reads from TIME
- Donald Trump Is TIME's 2024 Person of the Year
- Why We Chose Trump as Person of the Year
- Is Intermittent Fasting Good or Bad for You?
- The 100 Must-Read Books of 2024
- The 20 Best Christmas TV Episodes
- Column: If Optimism Feels Ridiculous Now, Try Hope
- The Future of Climate Action Is Trade Policy
- Merle Bombardieri Is Helping People Make the Baby Decision
