Google purchases virtual-currency startup

Google has purchased a virtual-currency software company called Jambool, adding together to fresh acquisitions to it social-networking firm.
Jambool's founders, Chief Executive official Vikas Gupta and Chief skill official Reza Hussein, announced the deal Friday on the company's netting location. Vocabulary of the deal were not revealed, but earlier reports going on for a on the cards deal estimated the deal to take place worth $70 million.
"When the opportunity arose to join forces with Google to effect versus this revelation, we couldn't pass it up," their statement assumed. "We are thrilled to bring the Social Gold platform to Google's overall users."
Google representatives did not instantaneously respond to a demand used for comment.
On track in the sphere of 2006, the start-up manufactures a artifact called Social Gold, which lets other sites build virtual-currency infrastructures. Google runs its own PayPal-like transaction platform, Google take a look at, and may perhaps take part in been looking used for a virtual-currency usage to complement it.
The notice comes a week in the same way as Google set with the aim of it had acquired Slide, a social-media company founded by PayPal veteran pass with flying colors Levchin.The tech giant, in the sphere of the center of pumping up its social-media muscle, is assumed to take place fine-tuning its social-gaming strategy, single of the biggest runaway successes to emerge on Facebook. Google has invested in the sphere of social-gaming giant Zynga and may perhaps take place working on a full-fledged gaming artifact of its own.Social-gaming publishers brought in the sphere of $490 million in the sphere of revenue survive time and with the aim of fit into is likely to touch $835 million in the sphere of 2010, according to Inside Social Games analyst Justin Smith.