Google buys virtual currencies startup Jambool

Aug 16, 2010
A sign is displayed outside of the Google headquarters in 2008 in Mountain View, California. Virtual currency manager Jambool announced Monday that it has been purchased by Google for an undisclosed sum.

Virtual currency manager Jambool announced Monday that it has been purchased by Google for an undisclosed sum.

"When the opportunity arose to join forces with ... we couldn't pass it up," Vikas Gupta and Reza Hussein, co-founders of the startup, said in a blog post.

Jambool is the company that launched Social Gold virtual transactions technology that processes virtual currencies -- make-believe money for online transactions such as games and social networks, including and MySpace.

The technology allows makers of online games and social networks to mine "real money from virtual goods" -- allowing genuine cash to be converted into virtual currency and vice versa.

The company has reported strong growth due to the popularity of online games.

"Our vision is to build world-class products that help developers manage and monetize their virtual economies across the globe," the company said in the online post.

Gupta and Hussein said they started Jambool in 2006 as an online collaboration platform, but shifted focus a year later to building applications for social networks.

"Along with success, we found fun and lucrative ways to monetize our apps -- specifically virtual currency and goods," the former .com employees said.

"That led us to create a platform to help developers create, host, manage and monetize their virtual economies," they wrote.

Explore further: Startups offer banking for smartphone users

add to favorites email to friend print save as pdf

Related Stories

Electronic Arts acquires Playfish for $275 million

Nov 09, 2009

(AP) -- As its packaged video games business lags, Electronic Arts Inc. has snapped up Playfish Inc., the creator of popular social networking games such as "Who Has the Biggest Brain" and "Pet Society," for $275 million ...

Recommended for you

Startups offer banking for smartphone users

Aug 30, 2014

The latest banks are small enough to fit in the palm of your hand. Startups, such as Moven and Simple, offer banking that's designed specifically for smartphones, enabling users to track their spending on the go. Some things ...

'SwaziLeaks' looks to shake up jet-setting monarchy

Aug 29, 2014

As WikiLeaks founder Julian Assange prepares to end a two-year forced stay at Ecuador's London embassy, he may take comfort in knowing he inspired resistance to secrecy in places as far away as Swaziland.

Ecuador heralds digital currency plans (Update)

Aug 29, 2014

Ecuador is planning to create what it calls the world's first digital currency issued by a central bank, which some analysts believe could be a first step toward abandoning the country's existing currency, ...

WEF unveils 'crowdsourcing' push on how to run the Web

Aug 28, 2014

The World Economic Forum unveiled a project on Thursday aimed at connecting governments, businesses, academia, technicians and civil society worldwide to brainstorm the best ways to govern the Internet.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Caliban
not rated yet Aug 16, 2010
Look out, Luke, it appears that Google has been spending too much time with the Emperor, and has at last been seduced by the Dark Side of the Force!
To China: "I am your Daddy!"
To Youtube: "I am your Daddy!"
To the FCC: "I am your Daddy!"
[and now will get a bit of change each time an exchange transaction occurs on Jambool, converters of play money to real money. Creepy]

You must resist the Dark Side, Luke...