gWallet Collects $10 Million For Virtual Currency Platform
December 01, 2009 at 14:54 PM EST
Virtual currency monetization platforms, like OfferPal, have recently come under fire (a.k.a. "Scamville" ) for scamming users of virtual games on social networks. gWallet is entering the space as a potential beacon of ethics, with a a service that hopes to legitimize virtual currency exchanges by connecting game publishers directly to the advertisers. Today, the startup is announcing a $10 million Series A round of funding raised from Adams Street Partners and Trinity Ventures, bringing the total funding for gWallet up to $12.5 million. Founded by serial entrepreneur Gurbaksh Chahal, gWallet works directly with brands directly as opposed to adopting an affiliate leads model. gWallet claims that its proprietary technology and transparent platform allows game developers and social networks to see when and where exact offers are being presented within their ecosystems.