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About Rainier

PC gamer, WorthPlaying EIC, globe-trotting couch potato, patriot, '80s headbanger, movie watcher, music lover, foodie and man in black -- squirrel!

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'Entropia Universe' Developer Gets Real World Banking License

by Rainier on March 18, 2009 @ 11:54 a.m. PDT

The Swedish Financial Supervisory Authority has granted Mind Bank, subsidiary of Entropia Universe developer MindArk, a license to conduct banking activities, integrating it with the real world and allowing Mind Bank to function as a central bank for all virtual worlds within the Entropia Universe.

The unique step of integrating MindArk's virtual universe Entropia Universe with the real world will allow Mind Bank AB to function as a central bank for all virtual worlds within the Entropia Universe.

MindArk CEO Jan Welter Timkrans comments, "This is an exciting and important development for the future of all virtual worlds being built, using the Entropia Platform. Together with our partner planet owner companies we will be in a position to offer real bank services to the inhabitants of our virtual universe." This will take the integration between real life and virtual life to a whole new level.

Mind Bank AB will be the first bank that fully incorporates real money transactions with activities in a virtual world. Millions of transactions can be processed by the bank for further transfer to MindArk and the virtual universe. Mind Bank will also offer selected bank services to customers on the conventional market.

Entropia Universe is an expanding entity of interoperable 3D virtual worlds based on the proprietary Entropia Platform. Each virtual world takes the form of a planet(s) within the virtual Entropia Universe.

The Entropia Platform contains full support for secure micro-transactions in real-time, rich media viewing, transactions with real and virtual items, MMOG entertainment and social interaction between global participants. Its virtual currency, the PED, has a fixed exchange rate of 10:1 with the US dollar.

The Entropia Platform has been developed for over 10 years at a cost of over $40m. Commercially launched in 2003, MindArk's Planet Calypso has been generating profit since 2004 and has served as a vehicle for fine tuning the platform's business model and functionality. It has today over 820,000 registered accounts from over 200 territories. User to user transactions within Entropia Universe exceeded USD $420m during 2008.

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