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Facebook launches new currency

14 Jul 10 - 12:00AM

Facebook will be rolling out its own currency in the form of real cash 'credits' from September.

The social networking site will allow its users to make cash transactions for virtual gifts and other goods that could see the site becoming more open to third-party developers.

In addition, it could become far easier for developers and retailers to become integrated into the site as users will not have to switch between payment systems.

Facebook's revenue on each transaction will be around 30 per cent.

According to reports, $5 dollars (£3.27) can buy 50 credits, which can be used anywhere on the site, including within popular games such as Farmville.

On closing the gift shop, Jared Morgenstern of the site blogged last week: "Out of the gift shop's "gift credits" came the virtual currency, Facebook Credits, that now makes it easier for people to buy premium items across the many games and applications on Facebook."

Items similar to those in the gift Shop will be available via third-party developers including Hallmark and Flair.


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