Entropia becomes a bank

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Mar 212009
 

Ars Technica reports that Project Entropia and MindArk are in the process of getting an actual banking license.

…a Swedish video game developer has been granted preliminary approval for a real banking license by the Swedish Finance Supervisory…

…the game itself has proven to be incredibly successful, having generated over $420 million last year.

Now, though, MindArk’s going to be just like a bank in the real world: it will be backed by Sweden’s $60,000 deposit insurance, offer interest-bearing accounts for its clients, feature direct deposit options, let players pay bills online, and apparently will offer loans to customers.

And another long-standing prediction among virtual world watchers begins to come true: that virtual worlds would eventually become fiduciary institutions.