The rumors have been confirmed: Google has acquired Jambool, the company behind virtual currency Social Gold.
Jambool made the announcement in an open letter from its founders, Vikas Gupta and Reza Hussein. “Our vision is to build world-class products that help developers manage and monetize their virtual economies across the globe,” the founders said in their letter. “When the opportunity arose to join forces with Google to execute against this vision, we couldn’t pass it up. We are thrilled to bring the Social Gold platform to Google’s global users.”
The company also released an FAQ explaining what’s happening next to its users. The thirteen-point Q&A really boils down to one key takeaway, though: Social Gold will continue to operate as it always has and will continue to process payments. In other words, Google will not be shutting down the product anytime soon.
News of the acquisition broke earlier this week. Google was rumored to have paid out $70 million in the deal.
Jambool is best known for its Social Gold platform, which allows games and virtual worlds to create their own virtual currencies, including in-application payments and virtual economy analytics. The company has raised approximately $6 million in two funding rounds.
