Metaverse News

Tilia Introduces Payment Platform for Metaverse Companies

Tilia, an all-in-one payment solution provider, has announced the launch of a new payment platform designed specifically to support Metaverse companies.

This development follows the company’s receipt of funding from JP Morgan. Tilia’s goal with this initiative is to offer payment services tailored to companies operating within the Metaverse.

Tilia Will Work on Payment System!

Tilia Introduces Payment Platform for Metaverse Companies

The news about Tilia emerged when the company declared its independence from Linden Lab, the parent company of Second Life, under whose umbrella Tilia had been operating.

Since its establishment in 2003, Linden Lab has significantly contributed to the success and competitive edge of Second Life in the virtual world business. In many respects, Second Life has been a forerunner in laying the groundwork for current Metaverse projects.

This announcement of independence came shortly after Tilia revealed it had received funding from JP Morgan. Brad Oberwager, the chairman of Tilia’s board, expressed that this partnership positions the company well for operating independently.

Brad Oberwager is scheduled to speak at the GamesBeat Summit 2022. At this event, set to take place in San Francisco on October 25-26, he plans to unveil Tilia’s upcoming projects. Furthermore, Tilia, headquartered in San Francisco, holds a regulatory license that allows it to operate payment solutions specifically tailored for gaming, virtual world, and software development applications.

Payment Oriented Metaverse Support

Tilia Introduces Payment Platform for Metaverse Companies

Tilia, under the guidance of its chairman Brad Oberwager, aims to monetize user-generated content and social interactions in the Metaverse. Additionally, there is an ambition to create a Metaverse that incorporates a utility token, facilitating the inflow and outflow of money.

Drew Soinski, the managing director of JP Morgan Payments, shared his enthusiasm about the partnership with Tilia. He recognized Tilia as a leading provider of software, gaming, and payment solutions.

Soinski remarked, “Games and the virtual economies within virtual worlds hold significant importance. Moreover, independent trading of this nature necessitates innovative payment solutions. The Metaverse is poised to play a pivotal role in the years ahead, making it an ideally suited space for these developments.”

Tilia, which initially gained momentum through its operations in Second Life, currently employs 48 people and is valued at approximately $650 million.

While operating within Second Life, Tilia generated revenue of $86 million in the last 12 months. The agreement with JP Morgan is the culmination of nearly a year of collaborative efforts. During the negotiation process, Tilia’s payment platform was meticulously aligned with JP Morgan’s systems.

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