Google acquires virtual currency firm Jambool

Jambool produces the Social Gold virtual currency app

Google has boosted its social networking portfolio with the purchase of virtual software currency provider Jambool.

Jambool produces the Social Gold virtual currency application allowing developers to provide in-app payment options to users.

"We are excited to announce that Jambool is becoming a part of the Google family," said Vikas Gupta and Reza Hussein, co-founders of Jambool.

"Our vision is to build world-class products that help developers manage and monetise their virtual economies across the globe. We are thrilled to bring the Social Gold platform to Google's global users."

Google released a short statement saying that it is "pleased and excited to welcome the Jambool team".

"We are committed to offering consumers and merchants innovative digital payment solutions, and Jambool will help Google evolve our payments offering and expand into digital goods and content," it added.

The web giant is attempting to break into the social networking market with acquisitions designed to take on the likes of Facebook and Twitter.

Google has already acquired Slide, a company specialising in games and applications for social networking sites, and various reports suggest that Google is poised for a $100m (£64m) takeover of virtual service engine Like.com.

V3.co.uk contacted Google about the rumours, but the firm declined to comment.

Google Buzz, the company's first foray into social networking, was widely criticised for violating user privacy.