Friendster to be Acquired by Secret Admirer?

These days social networking seems to be focused on services like Facebook and Twitter, but it’s easy to forget those outfits are relative newcomers to the game: one of the earliest social networking services out there was Friendster—and, just like Facebook and Twitter, it’s struggled for years to find a way to turn its service into a money making enterprise.

Friendster logo

Now, Friendster might have found a benefactor: Reuters reports that an unnamed Asian buyer is lining up to acquire Friendster for about $100 million by the end of 2009. An Asian acquisition makes sense: Friendster boasts more than 100 million registered users, more than half of whom are in Asia.

Friendster just rolled out a whole new look to its Web site this week, including new online games, an online gift shop, and a “Friendster Wallet,” which lets users buy “Friendster Coins” they can use for services and products to be offered on the site. The Friendster Wallet won’t require a credit card: users will be able to buy pre-paid “top-up” cards at places like convenience stores and “thousands of offline locations throughout Asia.”