21 July 2018
Visit www.avoka.com

Jambool raises $5m for virtual currency platform Social Gold

18 August 2009  |  6951 views  |  0 Jambool raises $5m for virtual currency platform Social Gold

Jambool, the company behind Social Gold, a virtual currency platform used for online games and applications, has raised $5 million in a series b financing round led by Madrona Venture Group.

The Social Gold platform is used by developers of applications on social networks like Facebook and MySpace as well as online games to create currency systems and monitise their offerings.

Jambool - founded by Amazon veterans Vikas Gupta and Reza Hussein - initially developed its own games on social networks before switching its focus in October.

It now offers other developers a platform for virtual currency, payments - including via credit cards, Paypal, Google, Amazon and mobile phones - and analytics.

Commenting on the investment in his blog, Gupta says: "The timing couldn't be better, as the virtual goods space has exploded to become the de-facto monetization strategy for social games and applications. So, more developers are going to need to create currencies and accept payments seamlessly within their applications. Social Gold is poised to provide the solutions that these companies need to take advantage of this market opportunity."

Earlier this year Facebook began testing its own much-anticipated virtual currency payments system with third party applications.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

China bans use of virtual cash for trade in the wider economy

China bans use of virtual cash for trade in the wider economy

30 June 2009  |  13071 views  |  0 comments
Facebook begins testing virtual payments system

Facebook begins testing virtual payments system

01 June 2009  |  13264 views  |  1 comments
Social network hi5 teams with Paymo to accept mobile payments

Social network hi5 teams with Paymo to accept mobile payments

10 March 2009  |  7189 views  |  0 comments
Zuora introduces subscription billing for Facebook apps

Zuora introduces subscription billing for Facebook apps

03 March 2009  |  5257 views  |  0 comments
Second Life introduces euro currency exchange for virtual residents

Second Life introduces euro currency exchange for virtual residents

17 November 2008  |  9271 views  |  0 comments
Moneybookers launches online payments application on Facebook

Moneybookers launches online payments application on Facebook

16 May 2008  |  12878 views  |  0 comments
PayPal introduces micropayments pricing scheme

PayPal introduces micropayments pricing scheme

02 September 2005  |  11418 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit info.nice.comVisit http://go.jumio.com/finextraAdVisit iliad-solutions.com/

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13080 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10686 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9857 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6966 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6808 views comments | 2 tweets | 7 linkedin

Featured job

to GBP Six-Figure Base, double ote, benefits
London, UK

Find your next job