Google acquires virtual currency firm Jambool

According to a PC World report, Internet search giant Google has taken yet another stride in the direction of the social networking arena, wit its recent acquisition of Jambool - a firm which boasts a Social Gold platform for managing online payments for the virtual goods that are sold on gaming and social networking sites like Facebook.

Though there has been no official revelation about the financial terms of the Jambool acquisition by Google, an earlier TechCrunch report said that the price is "estimated to be around $70 million, including earnouts."

The Jambool takeover fits perfectly in Google's reported strategy of focusing on the social networking world, with an implicit aim of overtaking Facebook.

Noting that Social Gold is PCI (Payment Card Industry) Security Standards Council Level 1 - the highest rating - compliant, the virtual currency firm elaborated in a statement that the platform uses a "combination of algorithmic detection, analytics and human verification to control and manage fraud."

As per the details forwarded by Jambool, ever since its 2008 launch, the Social Gold platform has witnessed notable success, particularly especially this year - it has processed over two times more payment value in this year's first half than it did in the whole of last year.

About joining Google, Jambool said: "We are thrilled to be part of Google, and we look forward to the exciting road ahead."