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Google buys virtual-currency start-up

Google has purchased a virtual-currency software company called Jambool, adding to its social-networking stable.

Jambool's founders, Chief Executive Officer Vikas Gupta and Chief Technology Officer Reza Hussein, announced the deal Friday on the company's Web site. Terms of the deal were not revealed, but earlier reports about a possible deal were offering estimates of about $70 million.

"When the opportunity arose to join forces with Google to execute against this vision, we couldn't pass it up," their statement said. "We are thrilled to bring the Social Gold platform to Google's global users." … Read more

Google rumored to buy virtual-currency start-up

A report Monday on TechCrunch suggests that, complementing its purchase last week of social-app manufacturer Slide, Google has made another social-networking buy: a virtual-currency software company called Jambool. The start-up manufactures a product called Social Gold, which lets other sites build virtual-currency infrastructures.

A smaller purchase than Slide, TechCrunch put the price tag at about $70 million. Representatives from Jambool were not immediately available for comment.

Jambool's Social Gold was one of a number of virtual-currency start-ups that rose in the time in between the launch of Facebook's developer platform and its unveiling of its own transaction system, Facebook Credits. … Read more