United Kingdom-based global currency account provider Sokin will soon debut an eCommerce world in the metaverse, permitting brands and businesses to expand from real locations into the virtual world, according to a company announcement made on 17 February 2022.
“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 Sorkin, 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.
Sokin’s metaverse world, which will process full e-Commerce 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 has also partnered with Visa as the London-based fintech prepares to roll-out its inclusive Global Currency Account and debit cards across Asia Pacific. With this multi-year agreement, Visa will support Sokin with its trusted and secure digital banking solutions and card services across multiple Asia Pacific countries, targeting the region’s 107 million** migrant population. Sokin also looks to transform the Asian and Pacific financial services landscape on a local scale by giving the region’s 4.6 billion population an alternative to traditional banking services with the launch of its Global Currency Account and Visa debit card.
In April 2021, Sokin had revealed the Sokin Enterprise payment platform, which allows organizations to move limitless immediate payments and foreign exchange transfers for a fixed charge.
In August 2021, Sokin launched its Global Currency Account, which offers consumers 51% cheaper global money transfers and currency exchange in 38 currencies to more than 200 countries and territories. 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.
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.