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  The World’s First Cross-Game Currency to Receive No Action Relief from the SEC is Quarters
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07/26/2019
 


[This unedited press release is made available courtesy of Gamasutra and its partnership with notable game PR-related resource Games Press.]

LOS ANGELES – July 26, 2019 – The Securities and Exchange Commission (SEC) has issued its first no-action letter for a blockchain token made for the game industry. Quarters (Q), a cross-game, cross-platform premium game token, provides a player-friendly and industry-friendly alternative to in-game tokens traditionally locked to a single game.

 

The Quarters smart contract provides this necessary trust by enabling everyone – players, developers and investors – to securely and transparently buy and use a prepaid arcade token. With the SEC regulatory relief, Quarters are also legal for all players to buy and use as a consumer product in the United States.

 

Players can buy 400 Quarters for a dollar with their credit card or in the Apple App Store and Google Play. With Quarters, gamers can play participating titles on mobile, web, and PC. In addition, players can use Quarters to enter esports tournaments for the most popular games. Publishers and developers can collect Quarters and exchange them for Ether. Quarters have a fixed price, and like all premium game tokens, can never be exchanged or sold for financial value. Quarters are for entertainment purposes only.

 

Publishers and developers can easily implement Quarters at no cost via the Application Program Interface (API), then earn revenue by exchanging Quarters spent by players for Ethereum (ETH). The Quarters API integrates with popular development platforms for easy integration, including Unity, iOS, Android, Javascript, Node, Playfab, and console (coming soon).

 

As the first cross-game token powered by the blockchain, Quarters decentralizes in-game currency, giving players a convenient new way to buy games, power ups, skins, and other premium items in their favorite titles. Players no longer will have to waste in-game currency in titles they no longer play.

 

The first Quarters will be seeded to players through influencer giveaways, friend referrals, Quarters.com community activity, and eSport competitions. Quarters will also be available for purchase on the official website at a later date.

 

DLX Law has always advocated working collaboratively with regulators to get good results.” said Lewis Cohen, a founder of DLX Law. “The SEC’s no action relief to allow Quarters to market and sell an ERC-20 token as a consumer product and not a security is a big step forward for the entire crypto community.”

 

“Quarters provides developers a way to reward their players for spending money on their platform by removing the shackles that tie any lingering tokens up,” said Timothy Tello, COO. “Our no-action letter clears the way for a consumer-friendly future where gamers can play with their tokens wherever they want, however they want.”

 

For more information on Quarters, please visit Pocketful of Quarters’ official website, follow them on Twitter, join their Discord, or like them on Facebook.

 

Assets

 

Headshots, Logos

 

About Pocketful of Quarters

 

Quarters started with an idea from the company’s 13-year-old Founder & Chairman, George B. Weiksner. After expressing his frustration with losing in-game currencies on titles he no longer wanted to play, George set out to combine his passion for cryptocurrency and gaming to come up with a solution that makes gaming better for its players.

 

Backed by an all-star team of investors like Tim Draper (Founder of Draper and Associates), and advisors such as Michelle Phan (Co-Founder of Ipsy) and Chris Cross (Formerly of Blizzard Entertainment, THQ, EA, and DreamWorks Interactive), Pocketful of Quarters aims to change the way we play with a universal premium game token.

 

Legal Counsel

 

Lewis Cohen, DLX

https://dlxlaw.com/

202-754-2012

 

Media Contacts

 

Andrea Shearon / Kyle Prahl

Stride PR for Pocketful of Quarters

[email protected] / [email protected]

 

More info:

 

https://republic.co/quarters

https://poq.gg