gWallet BRINGS NEW TRANSPARENCY TO VIRTUAL CURRENCY SPACE THAT WILL SPUR GROWTH, FORTUNE 500 BRAND PARTICIPATION
Ad Veteran Gurbaksh Chahal Launches Third Ad Start Up Vows To Bring Legitimacy, Transparency, Ethics to Social Media, Offer Marketplace
SAN FRANCISCO, CA - September 1, 2009 - gWallet, a new monetization platform for social media, today launched its service and vowed it would bring new transparency, legitimacy and ethics to the virtual currency and social media marketplace. The company will also be the first to bring major brands to this new and rapidly growing social media ad category for the first time.
Specifically, the company said new technology and processes it is putting into place will include the following innovations:
Total transparency: gWallet will offer platforms, publishers and brands complete transparency through the industry's first always on dashboard. The gWallet dashboard will allow developers to see specifically the offers they are being associated with. Platforms will also be able to see in real-time exactly how offers are being presented to consumers.
Direct representation: Brands and publishers will work with a direct salesforce, eliminating abuses that were previously enabled by less accountable affiliate networks. This will also allow the demand-side of the business to correctly price the value of the supply-side.
Right Targeting: gWallet is the first to deploy user-centric targeting that ensures consumers aren't presented the same offers again and again, reducing customer service complaints, guarding against abuse and insuring the best consumer experience.
The company's technology will bring these innovations to social media across many platforms including social gaming, virtual worlds and online MMO, mobile platforms and micro-transaction environments like abandoned shopping carts.
"Our company is going to take the leadership role in instituting guidelines and creating the rules of engagement that will ensure monetization continues to flourish in social media," said gWallet founder and CEO Gurbaksh Chahal, a pioneer in the online advertising space who previously brought many Fortune 500 brands into online advertising for the first time.
"The explosive growth in consumer adoption of social gaming, social media and social networking will create powerful opportunities for brand engagement and we want to be the trusted gateway in this category for major brands."
Chahal was a founder of Blue Lithium, which brought major brands into the ad network space for the first time. The company built technology that brought new transparency to online ad placement that gave major brands confidence for the first time that they could safely bring their brand advertising online.
Chahal founded Blue Lithium in 2004 and the company quickly became an online advertising leader by focusing on data, optimization, and analytics and also introduced some of the first behavioral targeting capabilities online. Blue Lithium was recognized as an online advertising innovator by many publications, including Business 2.0 In 2007, Yahoo! Acquired Blue Lithium for $300 million.
Chahal founded his first ad start up in 1999. That business, Click Agents, was merged with Valueclick just 18 months later in a $40 million transaction.
Chahal is also an international best selling author of "The Dream," the true to life inspirational tale of immigrating to the U.S. at age 4 with parents who arrived in California with only $25 to their name.
Is taking on the responsibility of bringing new technologies in social media that will bring transparency and ground rules that will allow the category to flourish and grow. gWallet provides brands, publishers and social media platforms with new cutting edge technology to monetize this growth in a consumer friendly format. The gWallet monetization platform contains three components including Alternative Online Payment, Virtual Currency and Aggregation of Virtual Products. The platform is a comprehensive system that has been optimized for Facebook, OpenSocial platforms (MySpace, Hi5, Tagged, etc), virtual worlds or websites utilizing virtual offer-based currency. For more information visit www.gWallet.com.