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Online game gets banking license

By on March 21, 2009
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Surely a sign of things to come – the BBC has reported that Swedish-based MMO, Entropia Universe, has been granted an official banking license.

Money

The license means that it can offer full banking services to customers including interest earning accounts and getting salaries paid directly into their in-game account (in Project Entropia Dollars). Gamers deposits are also insured up to $60,000 each. With virtual economies growing more impressive all the time (Entropia alone generated $420m in player transactions last year), they are becoming ‘virtual states’ in more ways than one.

Given the health of the traditional banking system, switching to “Bank Entropia” might be an alternative worth further investigation. However, the BBC didn’t report whether Mindark, the creators of the game, now plan to pay themselves huge bonuses, borrow billions secured by high-risk bundled debt and then demand the Swedish government bail them out when it all goes wrong….

About Patrick O'Luanaigh

I'm CEO of nDreams Ltd, a production company/development studio based in Farnborough, UK. I wrote a book called Game Design Complete, used to be Creative Director of SCi/Eidos and have a wife, two girls and one cat.
  • Patrick O’Luanaigh

    Interestingly, Entropia Universe has a number of other financial world firsts – back in 2006, it issued real world ATM cards so that players could withdraw their funds from the game in real world currency…