by Sigmund Leominster, News Editor
The Virtual World Exchange (VirWoX) is a virtual currency exchange owned by the German company, Virtual World Services, GmbH. The company has just released news of passing a significant milestone. According to their website, VirWoX has now reached over 5,000 registered users and a trading volume of 1 million Euros – that’s 343 million Linden™ dollars or $1.3 million US.
The exchange opened on December 12th, 2007, and is aimed primarily at the European markets where converting local currencies into US dollars prior to Linden dollars adds cost to the transaction. VirWoX currently allows trading in Euros (EUR), UK pounds (GBP), and Swiss francs (CHF).
(Virtual World Exchange facility, The Commerzbank, in Frankfurt City, Second Life)
The exchange has an in-world facility – the Commerzbank in Frankfurt City (http://slurl.com/secondlife/Frankfurt%20City/221/55/26) – and 100 terminals throughout the Second Life™ environment. According to their marketing materials, “Our fully automatic exchange helps to reduce human interventions to a minimum. This enables us to keep our (and your) costs low. Our commissions range from just 0.5% to 2.5%.”
Iliana Suppan is the managing director of the company and she says that“VirWoX has obviously earned the trust of Second Life residents. One million Euros of trading volume in less than a year is a good start, and makes us the market leader in Europe.”
Although VirWoX currently deals solely in Linden dollars as a virtual currency, the company is certainly open to expansion. In a posting to the Openlife grid forum, a spokesperson for VirWoX said, “Currently, we trade only Linden Dollars, but our plan always has been to expand to other virtual worlds than Second Life. I would therefore propose to modify our exchange so that we can also trade Open Life Credits, if that is interesting for you.”
VirWoX have the technology and software to do this. The VirWoX server has been built using a modern service-oriented architecture in order to achieve a high degree of scalability and reliability. It has been running 24/7 for almost a year, processing hundreds of thousands of transactions without any apparent problems. This modular architecture allows the company to open their internal interfaces to third-party developers who want to access the VirWoX server from their own applications or products or to build new exciting applications that require automatic access to a virtual currency exchange. VirWoX is the first and only exchange for virtual currencies with an open programming interface.