Brand Consultant & Coach, Published Business Writer, Brand Author & Speaker, Harpist, Composer, Mom & Wife, Spiritual Student, Educator ... and that's just on Monday. A blog about brand leadership, innovation and anything else I want to write about.

Sunday, March 22, 2009

Virtual Banking Turns Real In Entropia

Virtual Goods News ran a story last week about real life banking now set-up in Entropia Universe, a massively multiplayer online virtual game (MMORPG) designed by Swedish software company MindArk. The Swedish Financial Supervisory Authority has given its blessing (and more officially a license) for MindArk's subsidiary Mind Bank AB to conduct legal banking activities within Entropia. Available on each of its "planets," terminals abound said to offer everything from checking and savings products to loans. The new bank ties in with Entropia's in-game currency, which like Second Life, has an economic correlation to the US dollar and can be cashed in for real-life money. The PED is as of March 18, 2009 valued at a rate of 10 PED to 1 US Dollar. According to Jan Welter Timkrans, CEO of MindArk, "this creates a situation where in-world banking can add greater security and convenience to Entropia Universe's transactions."
Read the entire story here and ponder the meaning of real-world consumer bank confidence along the way. Virtual bailouts anyone?
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