TechCrunch received word that Google is buying Jambool, a startup that has developed a virtual currency named Social Gold. This online monetization platform gives app developers the ability to build payments directly into their games and other applications. It's unknown what Google plans to do with the service, but it's likely related to the search engine's plan to launch a social gaming service.
The purchase price is said to be $55 million plus another $15 million to $20 million in an earnout.
Social Gold gives app developers the ability to build payments directly into their games and other applications. It was founded by Amazon veterans Vikas Gupta and Reza Hussein, and has raised $6 million in funding.
Like other payments companies they’ve been hit very hard by Facebook Credits. Gupta recently went on a bit of a rant about Facebook Credits, in fact.