Mountain View, California-based Google continues to ramp up its efforts in the social gaming space. The latest news of Google all set to acquire California-based Jambool for around $70 million, including earnouts is another step to heat up the competition with Facebook on its currency platform called facebook credits.

If true, this is just the latest acquisition made by Google to boost their social portfolio which is likely to become part of their rumored service named Google Me. Google has recently announced the acquisition of slide, a social technology company with an extensive history of building new ways for people to connect with others across numerous platforms online.

Jambool has a Social Gold™ platform which is a full feature virtual economy platform that developers can use to create their currency systems, monetize it using in-game payments by Social Gold™, and manage and grow their economy using Social Gold™ virtual economy analytics

There are no comments from Google about this acquisition and Jambool is also not speaking anything about it.