Wednesday, April 28, 2010

Facebook's Virtual Currency Ambitions - Science and Tech - The Atlantic

Facebook takes 30% on all transactions, just like Apple

Facebook's expansion plans have moved into the realm once reserved for central banks and kings: creating its own currency.
Details on Facebook Credits emerged at last week's f8 Facebook developer conference, although the news was obscured by the network's plans to extend its reach and an ensuing privacy debate. Credits can be used to purchase virtual goods, such as items in games, and at least one company seems to have already benefited. Facebook's mobile payment processor of choice, Palo Alto-based Zong, today announced $15 million in new venture funding.

Facebook's Virtual Currency Ambitions - Science and Tech - The Atlantic

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