Linden Lab launches virtual currency exchange

Source: Linden Lab

Linden Lab, creator of the acclaimed 3D digital world Second Life, today announced the launch of LindeX - Linden Lab's new currency exchange.

The LindeX permits Second Life Residents to buy and sell Linden Dollars (L$) and exchange them for US Dollars (US$) with ease through the Second Life website. Open to the general public and easily accessible through a free membership in Second Life, the LindeX simplifies the process of buying and selling L$ at a time when the Second Life community and economy are growing at unprecedented rates.

"Currency exchange transactions for the Linden Dollar on existing third party sites are more than $300K per month," said Philip Rosedale, CEO and Founder of Linden Lab. "The growth of the community and expanding marketplace should yield a bigger income stream for the thousands of content creators who are making money within Second Life. The addition of the LindeX provides an easy-to-use option for any Resident who wants to join in."

Joining established Second Life currency exchanges, and, the LindeX exchange works by matching existing buyers and sellers of L$ currency together to automatically reach the best price for currency. For buyers, fees charged for purchasing currency are automatically charged to their Second Life account. For sellers, withdrawals of US$ generated through sales may be made either by check or through PayPal.

In September 2005 Second Life user-to-user transactions exceeded US$2.2mm as Residents bought and sold everything from virtual airplanes and ball gowns to condos and notary services. "The fact that I can build a virtual business that yields real cash has been one of the main incentives for my ongoing participation in the Second Life community," said Satchmo Prototype, Second Life Resident and entrepreneur. "By directly tying the currency exchange to my Second Life account and effectively enabling one-click trading, Linden Lab simplified my access to cash, motivating me to grow my business bigger and faster."

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