Google buys a virtual currency company

Google has purchased virtual currency company Jambool.

From the announcement by the Jambool founders:

“Our vision is to build world-class products that help developers manage and monetize their virtual economies across the globe. 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. And we invite you – our customers, partners, and friends – to continue on the journey with us.”

Virtual currency for in-game or in-world use is nothing new but given the size of Google and Facebook introducing an alternative payment method could lead to a really big shake up in global commerce.

These companies have the scale to make the “last mile” of virtual currency payment for real world goods and services. In a way Groupon has already done this with its coupon system but a real virtual currency could be rolled out with out the cost or hassle of printing or minting physical money.

In a world where fiat currencies like the dollar and the Euro are the standard, imagine if Google or Facebook migrated from a virtual currency to an asset-backed currency and undercut the central banker’s control.

About Daniel Davenport

Daniel is a digital media executive with internet and broadcast experience. Daniel is currently the executive strategy director at THINK Interactive.

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