Google buys virtual currency company

Jambool announced Google is acquiring the firm for an undisclosed amount.

According to a blog post by co-founders Vikas Gupta and Reza Hussein, "When the opportunity arose to join forces with Google... we couldn't pass it up."

Jambool originally launched in 2006 with Social Gold a virtual transactions solution processing virtual currencies -- for online games and social networks such as Facebook and MySpace.

The technology allows developers of online gaming and social networks to generate revenue from virtual goods.  company has reported strong growth due to the popularity of online games.

More can be read on their blog and this brings Google more into the payments fold.