Crypto

A new cryptocurrency launched by the Canadian Barter System

As reported by the Canadian local newspaper The Globe and Mail on April 9th , Bunz Trading Zone, the Canadian online Trading, and barter program are launching its own cryptocurrency which would reportedly be called BTZ.

BTZ  (pronounced “Bitz”) is said to be “the very first Canadian cryptocurrency to launch to a pre-established community – its own associates.”

Emily Bitze, a fashion designer was the one who launched Bunz as a private group back in 2013 for the purpose of exchanging unused items with friends. The community witnessed a rapid growth and quickly extended beyond Facebook and Toronto. The Bunz app and website were launched a couple of years back in 2016.

According to The Globe and Mail, the platform witnessed a rapid growth because of its simplicity and the absence of money.

Although the absence of currency did lead the platform to a rapid growth, on the other hand, the barter-based platform has also proved to be the biggest obstacle for  Bunz, because, without an exchange of currency, there is no “clear income stream whatsoever.”

As per stated on the project’s blog, every Bunz user shall receive 1,000 BTZ that can be exchanged for goods and services or it can also be exchanged amongst associates. The 1,000 BTZ would initially be worth “enough for three coffees.” BTZis officially available to the platform’s 200,000 users starting from yesterday (Monday 9th April).

According to the CEO of Bunz Sascha Mojtahedi, a revenue model has been designed by the company, however, he refused to comment on questions like what it is or when would it be presented. The launch of BTZ aims to attract many users to the platform, says Moitahedi:

“We should be able to reward people with cryptocurrency that they’ve earned as a result of their diligent participation in the network and then allow them to use it with their peers and merchants. It provides us with the room to develop new models that people may have not even imagined.”

Rakuten, the Japanese e-commerce giant, earlier in the year has also announced plans of releasing its own cryptocurrency. CEO and founder Hiroshi Mikitani mentioned that it would be a “borderless currency.”

About the author

mm

John Mathhew

John Mathhew – The content head at Bittflex, he has done her PHD in English literature and masters in finance as well, he was introduced to the blockchain and crypto industry during her college time spending hours searching over the internet and was extremely fascinated and then took on the pace and started writing her own finance and crypto blogs. He has all the information on the subject we required and her writing skills are just fantastic. He really expresses herself beautifully through each and every article he delivers.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *