Vungle, the premier app monetization technology company and in-app mobile video advertising platform, has added bitcoin as a payment option to app developers. Vungle allows creators of mobile apps (iPhone and Android), to monetize their business to show 15-second videos in high definition that is integrated into the user experience.
Vungle raised $17 million in Series B funding last month led by Thomvest Ventures with participation from Google Ventures, Crosslink Capital, AOL Ventures, SoftTech VC, and Webb Investment Network. The company plans to use the new capital to build a suite of monetization tools for mobile app developers. This latest round brings their total to $25.5 Mn in funding to date.
- The addition of bitcoin option to Vungle platform enables publishers and developers to expand their reach on the the company’s mobile ad network that covers over 4000 apps.
- It will also provide flexibility to keep more of what they earn because of the virtual currency’s lower transaction costs.
- In addition, bitcoin exchanges are faster as compared to other transaction as developers don’t have to go through a financial institution.
- The target group of Vungle are specifically individual developers or small groups of developers.
- Vungle believes the long-term prospects of bitcoin is important enough to offer it as a payment option. Bitcoin has more potential as a payments system than as a widely used alternative currency.
“Developers are looking for more flexibility regarding payments, and don’t want to be tied to traditional payment structures. We have a long view on this new currency, and we’re betting that as Bitcoin gains more widespread traction, increased demand will follow,” said Zain Jaffer, CEO of Vungle. “So, we are excited to offer it as an option to our publishing partners.”
Developers in Vungle’s network include Wooga, “Fruit Ninja” creator Halfbrick Studios, ZeptoLab, maker of “Cut the Rope”, and Sega. Vungle says that it can give publishers more flexibility as well as enable them to make higher profits because of the low transaction costs related to Bitcoin. Since the virtual currency is not bound to any financial institution, payments made via Bitcoin would also enable access to funds much quicker.
Some of the other major companies that have begun accepting Bitcoin payments recently include – Overstock.com, TigerDirect.Com, Zynga and Khan Academy. Have a look at 27 physical and online merchants that accept Bitcoin.