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BizReport : Ecommerce archives : September 08, 2010

Platform enables app developers to use virtual currency

On the horizon there is another use for virtual currency: app development. This week social media monetization platform gWallet releases a tool that will enable app developers to use virtual currency to monetize apps through branded offers and installs. The platform is being released in cooperation with mobile ad exchange Mobclix.

by Kristina Knight

The mobile solution will be available through iPhone, iPad, Android and Blackberry platforms. Already gWallet is reaching about 1.3 million unique users through iPad apps, and is serving 210 million monthly impressions.

"As an exchange, we see this as a premium opportunity for publishers," said Krishna Subramanian, co-founder of Mobclix. "We'll work closely with gWallet in extending a new class of offers to the mobile consumer - offers that embrace the new and growing demand for virtual currency as a form of payment."

Although brands can still use more traditional ways to promote events, products or services, the platform also opens them to the app development scene without a huge amount of risk. Those who choose to use more traditional routes will have their ads tweaked for a mobile audience. Through the platform brands can offer premium offers to consumers and serve relevant ads to app developers.

"Consumers who are playing games on their phones are not willing to complete web based offers," said Gurbaksh Chahal, gWallet founder and CEO. "They don't have the time to go through a lot of screens and they don't want to enter in a lot of information on a small keyboard. We solve that problem by delivering mobile specific offers and installs from brands they trust."

The platform allows brands to advertise through traditional banner ads and app developers can promote their offers across other app by targeting specific gaming demographics.

Tags: app development, appvertising, gWallet, Mobclix, mobile marketing, virtual currency

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