Tilia spins out, gets minority investment from J.P. Morgan to do metaverse payments
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Tilia, the all-in-one payments platform spawned by Second Life, has spun out of Linden Lab and raised a minority investment from J.P. Morgan Payments.
The plan is to enable metaverse payments for all of the companies that need financial services for their virtual economies. Tilia will now be its own company, independent of Linden Lab, the owner of Second Life, the virtual world that debuted in 2003.
“They invested in us and they solidified a really big partnership,” said Brad Oberwager, executive chairman of Tilia. “We’re like the tip of the spear for the metaverse. They’re a good partner with a lot of credibility.”
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San Francisco-based Tilia’s payment solution has regulatory approval and is built for game, virtual world and mobile application developers. It handles payment processing, in-game transactions, as well as payouts to creators by converting in-world tokens to fiat currency including U.S. dollars, which serves as the backbone of any functioning virtual economy.
“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,” said Drew Soinski, managing director of J.P. Morgan Payments, in a
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