Sokin Launching eCommerce Metaverse World

United Kingdom-based global currency account provider Sokin will soon debut an eCommerce world in the metaverse, allowing brands and businesses to grow from its brick-and-mortar locations into the virtual world, according to a company announcement Thursday (Feb. 17).

Sokin’s metaverse world, which will process full eCommerce transactions, will host a 3D community of brands and retailers — including sporting goods, fashion and more — and allow consumers to meet, communicate, transact, invest and purchase through a mobile app.

“Sokin’s metaverse world will host different brands and businesses for visitors to access, for example, a football club, entertainment or fashion brand,” said Vroon Modgill, founder and CEO at Sokin, in the company announcement.

“We’ve seen campaigns by retailers in which an avatar models an item of clothing but then the experience abruptly stops there. We close the sales loop by ensuring a purchase can be made directly within the metaverse experience — this is never-before-seen innovation we are spearheading as we further bridge the gap between the metaverse and the physical world,” he said.

In August, Sokin launched its Global Currency Account, which gives consumers 51% cheaper global money transfers and currency exchange in 38 currencies to more than 200 countries and territories for one fixed monthly fee.

Sokin is available in 32 countries and has more than 120,000 registered users and 175,000 on its global waiting list, with launches coming soon in Brazil, Canada and India.

Related: Sokin To Launch Enterprise Platform For X-Border Payments

In April, Sokin unveiled the Sokin Enterprise payment platform, which lets organizations make limitless immediate payments and foreign exchange transfers for a fixed charge. That’s one of several business offerings for sole proprietors and small- to medium-sized businesses (SMBs) on which the company continues to work.

Former British football star Rio Ferdinand is a lead investor in Sokin. Modgill established the company in 2019, which is based in London and has 10 offices throughout the world.