Linden Lab to Sell Tilia

 

In a press release on Tuesday April 23, Thunes announced it was buying the Tilia virtual currency exchange service from Linden Lab. 

To accelerate its growth in the United States and its presence in the fast-expanding online gaming market, Thunes, a global cross-border payments company, is proud to announce that it signed a definitive agreement to acquire Tilia LLC, an all-in-one payments platform. Tilia is licensed in 48 U.S. states and territories and offers payment solutions (acceptance and pay-outs) for online games, virtual worlds, creator economies, and in-app purchases.

Upon closing of the transaction, which is subject to regulatory approvals, Thunes’ bespoke global network to accept and pay in real-time through four billion bank accounts, three billion digital wallets and 550 Alternative Payment Methods (APMs) will become available to merchants across the United States, including current Tilia customers. Using Tilia’s technology, Thunes will be able to offer Visa, MasterCard, American Express, JCB and UnionPay acceptance to Thunes’ customers.

As part of the transaction, Thunes and Linden Research, Inc. (“Linden Lab”), the current majority owner of Tilia, have agreed to an exclusive five-year partnership in which, post closing, Thunes will provide payment processing and pay-outs to Linden Lab, leveraging Thunes’ global network – allowing gamers to pay, and to receive money real-time, in a more cost-efficient way and with increased transparency.

The press release quoted Thunes' CEO  Flores de Kort, “The acquisition of Tilia demonstrates our ambition in the United States. This investment will enable us to leverage Tilia’s capabilities to provide merchants with direct money movement solutions in and out of the United States. Furthermore, Tilia’s deep expertise in online gaming, virtual worlds and token-based payments will greatly accelerate our growth into that fast-growing, exciting industry.”

Linden Lab's Executive Chairman, Brad Oberwager, was quoted as saying, “Thunes is an exceptional company that directly connects nearly every payment method and market worldwide. The combination of Tilia and Thunes will give Linden Lab’s customers more payment choices, and the ability to receive pay-outs in real time, anywhere, into the wallet or bank account of their choice. It will be business as usual for our people and our customers as we bring Tilia and Thunes together.”

 

Tilia was quietly bought by Linden Lab in 2015, but was quiet about it's purpose until 2019 when it was announced that it would be taking over currency exchanges, and people selling Lindens to buy real-life currency would have to register with it, saying this was necessary due to new Government regulations. It would also be used to buy and sell Sansar currency, which at the time was owned by Linden Lab. Eventually Sansar would be sold, but Tilia would continue to handle it's transactions, and make deals with other virtual platforms such as Upland to handle theirs. When Linden Lab was bought by the Oberwager Group in 2020, it was believed Tilia was part of what attracted them. In 2022, Linden Lab announced JP Morgan was making a "strategic investment" in Tilia. 

There is a thread in the Second Life forums about the sale it Tilia (here). Linden Lab would state, "This is good news for Second Life residents and creators. More options without additional costs. We are having an open meeting on May 20 and can discuss in detail."

 

Hat tip: Daniel Voyager

Bixyl Shuftan