2022-10-18 00:00:00 UTC
J.P. Morgan Payments makes a strategic investment in Tilia LLC to power virtual economies
SAN FRANCISCO, Oct. 18, 2022 — Tilia LLC, the all-in-one payments platform, today announced it has secured a strategic investment from J.P. Morgan Payments. Tilia’s solution, built for game, virtual world and mobile application developers handles payment processing, in-game transactions, as well as payouts to creators by converting in-world tokens to fiat currency including USD, which serves as the backbone of any functioning virtual economy.
Drew Soinski, Senior Payments Executive, Managing Director, J.P. 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. We’re delighted to invest in Tilia LLC, a market leading provider of software gaming payments tools, to develop solutions for these new and exciting marketplaces.”
Tilia’s virtual payment system easily and securely converts in-game tokens and currency into fiat currency. Built from the ground up to power Second Life and its creator-based economy, Tilia was developed over several years to build its unique capabilities. Tilia has secured the required money transmitter licenses in the U.S. to support payouts, allowing for secure transactions on a large scale. Tilia provides developers with the tools to enable thriving, profitable in-world economies that empower their players and users to buy and sell virtual goods and services and facilitate robust play-to-earn programs.
“Virtual economies represent a huge financial opportunity particularly for game, app and virtual world developers,” said Brad Oberwager, Executive Chairman of Tilia LLC. “J.P. Morgan Payments, a worldwide leader and recognized innovator in payments, is the right partner as we continue to expand capabilities in line with these rapidly growing creator-based economies”.
In addition to the investment, Tilia is also working with J.P. Morgan Payments to enhance its current capabilities throughout its processing platform including providing increased payment and payout methods, expanding pay-out currencies and support services.
ABOUT TILIA LLC
Tilia LLC is a money services business and licensed money transmitter in the U.S. that powers virtual economies and provides secure transactions at massive scale. Its seamless, all-in-one solution manages payments into your virtual world or game, supports in-game money movement and, ultimately, pay-outs to creators by converting in-world tokens to fiat currency including USD. Tilia was founded at Linden Research, Inc. As one of the first companies in the virtual economy payments space, Tilia is partnered with several virtual worlds and metaverses, online games, and NFT marketplaces, including Second Life, Upland and Avatus.
For more information, visit www.tilia.io.