Apparatus, system, and method for extracting real world value from a virtual account

A method for performing a financial transaction initiated at a point-of-sale station, the method comprising:

• receiving point-of-sale information comprising a real currency purchase amount and account information, the account information determined from a bank card;
• determining that a virtual value balance in a first account associated with the account information is insufficient to complete the transaction;
• accessing a second account associated with the account information wherein the second account comprises a second balance or credit limit in a real world currency;
• and
• processing the transaction, the processing comprising debiting at least a portion of the real currency purchase amount from the second balance.

A method for backing a virtual value with a continually indexed asset, the method comprising:

• funding a house account by purchasing an asset in a sufficient quantity to cover purchases of the asset by one or more consumers, wherein the asset is purchased at a current spot purchase price, the spot purchase price updated on a continuing basis;
• receiving a virtual value in a virtual medium from a consumer in exchange for a portion of the asset from the house account, wherein the quantity of the asset exchanged for the virtual value is based on a current spot price of the asset and a virtual-to-real exchange rate for the virtual medium;
• and
• crediting the asset quantity to a current asset account balance associated with the consumer.

A system for supporting a bank card backed by virtual value comprising:

• a purchase card that associates a consumer with a purchase account;
• a network that communicates data between elements of the system;
• a client transaction server that requests payment of funds over the network, the request in response to a transaction by the consumer using the purchase card;
• and
• a server comprising:
• a house account module maintaining a house account, the house account comprising a virtual value in a virtual medium;
• an asset exchange module receiving funds from a consumer in exchange for a portion of the virtual value from the house account, wherein a quantity of the virtual value exchanged for the funds is based on an internal spot price of the virtual value at the time the funds are received and wherein the quantity of the virtual value purchased by the consumer increases a balance in a purchase account of the consumer;
• a merchant request module receiving the request for payment from the client transaction server over the network;
• and
• a debit module debiting the purchase account of the consumer by selling a quantity of the virtual value backing the purchase account balance to the house account, wherein the quantity of the virtual value sold to the house account is based on the internal spot price of the virtual value at the time of the transaction and on an amount of the transaction between the consumer and a merchant.