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gWallet, a developer of monetization platform solutions for the fast-growing social gaming category, has partnered with Xfire, a well-known Internet gaming portal. The company will enable Xfir in introducing a virtual currency known as Xcoins, which can be used by the gamers for entering into the tournaments and advancing their game play.

Apart from monetizing solutions, gWallet, a subsidiary of RadiumOne also helps the advertisers in engaging with large online game playing community. The company is the only social gaming monetization platform to undergo audits and review by TRUSTe; and had previously launched a solution named Brand Bar. The offering provides enhanced exposure to the virtual currency payment options and also brings video offers to the users for earning virtual currency for free. gWallet provides virtual currency platform solutions to a number of global brands, such as Adidas, Microsoft and AT&T (News - Alert).

 “With over 17 million registered players worldwide, and over 200,000 users online at any given time, Xfire is known for attracting passionate online gamers,” commented Rebecca Weeks Watson, vice president of Business Development at gWallet. “We’re excited to help these users enter tournaments by completing ad-supported offers, instead of having to dig into their wallets.”

Xfire has now introduced the first official Xfire Arcade tournaments in which gamers can compete against one another for prizes in games of skill. Leveraging the potential of the Xfire Arcade, brands will be able to engage with the 16- to 30-year-old male gaming audience who spend over nine billion minutes on Xfire per month and over 490 minutes per user, in a better way.

Apart from its own website, Xfire Arcade will also be available on various other sites such as QuePasa and MySpace (News - Alert), which will increase the user base of the game and will offer a new stream of revenue to game developers and content sites through gWallet’s monetization platform.

“Xfire Arcade offers gamers a great experience to compete for bragging rights and compelling prizes. Wagering points increases the excitement for gamers,” said John Maffei, chief executive officer at Xfire.com.

Lenovo (News - Alert) and Turtlebeach are sponsoring the first Xfire Arcade tournaments that are going to distribute more than $10,000 to the gamers in prizes. Heli Fighter, an Xfire Arcade exclusive game will be the first featured game to be offered within the tournaments.

In September 2010, gWallet announced a new platform that provides mobile app developers with the ability to use virtual currency to monetize their apps via branded offers and installs. To support the launch, gWallet announced a partnership with Mobclix, a targeted mobile ad exchange for expanding the reach of the new mobile platform to millions of additional consumers.