Tilia, the payments platform initially built to power the economy of Second Life metaverse, has secured an investment from JP Morgan
Tilia LLC, the all-in-one payments platform for virtual economies, announced fresh funding from the world’s largest bank by market cap, JP Morgan Chase. In addition to the investment, JP Morgan Payments will enhance Tilia’s current capabilities with additional payment and payout methods, expanding pay-out currencies and support services.
The platform is built for game, virtual world and mobile app developers. It handles payment processing, in-game transactions, and payouts to creators by converting in-world tokens to fiat currency including USD.
Initially, the solution was built by Linden Labs to power Second Life and its creator-based economy. However, today Tilia partners with several virtual worlds and metaverses, online games, and NFT marketplaces, including Second Life, Upland and Avatus.
The global financial leader, JP Morgan has long been keen on innovative payment means suited for virtual economies. It has recently established connectivity of the proprietary blockchain solution Liink with Visa’s B2B Connect.
Besides, JP Morgan has become the first bank to establish its presence in the metaverse of Decentraland. The bank’s virtual Onyx lounge hosts experts talks about the crypto market.
According to JP Morgan’s 2022 report, the economics of the metaverse (metanomics) offers a market opportunity of US$1 trillion in annual revenue.