Canadian Barter Platform Bunz Launches Own Cryptocurrency BTZ

The company hopes that the cryptocurrency will help recreate the network of retailers. It will be the first Canadian crypto to launch to an already established community or members. The group started in 2013 and has a community of more than 200,000 members.

Bunz, an online trading and barter platform based in Canada, is launching a cryptocurrency called BTZ. It is the first Canadian cryptocurrency to launch to an already established community or its own members.

Each Bunz user will receive 1,000 BTZ and can use it for exchanging goods and services or simply exchange them with other members. The token will be available to the 200,000 users starting April 9. The launch of the token is to help attract more users to the platform according to CEO Sascha Mojtahedi.

The company confirmed that it has a revenue model but Mojtahedi refused to give details or say when it will be introduced.

“You have to be able to reward people with cryptocurrency that they’ve earned as a result of their passive involvement in the network and then enable them to use it with their peers and merchants. It gives us the room to create new models that people may not have thought of.”

Launched in 2013 as a private Facebook group by fashion designer Emily Bitze, the platform facilitated the exchange of unused items between friends. The team expanded beyond Facebook and Toronto.

It launched the website and app in 2016.

Rakuten also launched own cryptocurrency

It is likely that more e-commerce platforms will launch their own cryptocurrencies. For instance, Rakuten is also launching its own cryptocurrency and it will be a “borderless currency” according to the CEO and founder Hiroshi Mikitani. He made the announcement at the Mobile World Congress in Barcelona on February 27.

The platform is the largest e-commerce company in the country. The token Rakuten Coin is on blockchain and existing Rakuten Super Points program. It would help the company to rival and differentiate itself from Amazon, Alibaba or eBay, and other online retail platforms. It would also boost the relationship between retailers and merchants according to the announcement by the CEO.

He said,

“Basically, our concept is to recreate the network of retailers and merchants. We do not want to disconnect [them from their customers] but function as a catalyst. That is our philosophy, how to empower society not just provide more convenience.”

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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