4:09:56 PM PDT - Monday, March 27th, 2023

Metaverse payment platform Tilia gets new strategic investment from J.P Morgan  

By Editor - Tue Mar 14, 7:55 am

“Today, the way people transact has evolved,” newly appointed chief business officer (CBO) of Tilia Catherine Porter told me in an interview. “The rise of user-generated content (UGC) across gaming worlds, social platforms and beyond means that we need a way for users to pay other users, users to pay creators, and creators to pay their collaborators — even if you don’t know the real identity of the person you’re paying.” This contrasts with traditional online payment infrastructure designed for one-way transactions between users and merchants. Tilia  wants to make it easy for companies that need financial services in a digital economy world (including the metaverse) to pay and transact with anyone in a regulated way. The company, which has built a payment platform intended for gaming platforms, virtual world publishers, mobile application developers and NFT providers, said Tuesday it has secured another strategic investment from its returning backer, J.P Morgan Payments, and new investor Dunamu , a Seoul-based operator of crypto exchange Upbit.  With the latest round, Tilia has raised a total of $22 million since its spin-off from  Linden Lab , the creator of Second Life , in 2022 (it didn’t share how much was raised this time vs. in its first tranch from 2022). The goal of the startup is to help platform operators capture more of the value of all the transactions made related to their product. “These kinds of transactions are happening in a grey market, where users move off your platform to send payments to strangers via Venmo or Cash App, and they have no protection ,” Porter said.

Originally posted here:

Metaverse payment platform Tilia gets new strategic investment from J.P Morgan

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