Canadian largest online trading platform Bunz Trading Zone is planning to launch its own digital currency BTZ which is pronounced as ‘bitz’ according to the country’s local newspaper, The Globe and Mail. If launched BTZ will become the first Canadian digital currency to be launching adding to the already overcrowded market.
Bunz Trading Zone was started in 2013 as a Facebook group by a fashion designer Emily Bitze. The main aim of the group was to exchange unused products and items with friends. The group grew very fast and soon became a community thus expanding beyond Facebook and Toronto where it was started. This growth led to a demand for an app which was later launched in 2016.
This platform which was mainly considered for barter trade grew very fast because it was simple and did not use cash. The absence of currency came to become a burden later on since without a currency exchange there was no obvious income stream. This is what led to the idea of forming their own digital currency.
According to the information received from Bunz website each Bunz user will receive 1000 BTZ which they will use for the exchange of goods and services in the app between members. The app has about 200,000 users, but the number is expected to go up before the official launch of BTZ on April 9. According to the company CEO Sascha Mojtahedi, they have designed a good revenue model which they hope to launch very soon. She added that the main aim of developing BTZ was to attract more users to make the platform bigger and better.
According to Sascha:
“We have decided to reward people with cryptocurrency because of their passive involvement in our network. We want to enable our users to use the cryptocurrency with their peers and other merchants. This will give us a room to develop new models which people may not have thought of.”
Other online platforms have in the past announced plans to introduce similar digital currencies. A good example is the Japanese e-commerce platform Rakuten which announced in February that it was launching it cryptocurrency. According to the company CEO who also doubles up as its founder they are looking to develop a border-less currency which would attract more clients.