Foursquare unveils location-based ad service

The ad platform called Pinpoint is based on "the world's most accurate location intelligence available," Foursquare said on the website for the new service. Foursquare gained notoriety as a smartphone-based social network that tracked the location of users to allow people to more easily find and meet their friends. The notion of location-based advertising has been around for years, but has been limited by technology as well as user privacy concerns.

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