KANALCOIN NEWS – According to reports from one of the local newspapers in Canada, namely The Globe and Mail (9/4) reported that one of the Canadian barter platforms has just introduced its own cryptocurrency. Theybusiness are Canadian online trading and bartering platform Bunz Trading Zone, while the crypto name is BTZ.
Crypto currency innovations are increasingly being looked at by many companies, the creation of their own tokens is starting to be used for various activities, including those carried out by the Bunz Trading Zone. This innovation came with the thought of wanting to make the process of cashless transactions quite simple and accessible to everyone.
BTZ (pronounced “bitz”) is reportedly the first crypto in Canada issued by an established community. Bunz itself was first launched in 2013, on one of the personal Facebook groups belonging to the fashion designer, Emily Bitze. The community is growing year by year, growing fast and soon growing outside Facebook and Toronto too. Meanwhile, the new Bunz app and website were launched in 2016. Globe and Mail also reports that the platform is growing fast because of its simplicity and no cash required. However, Bunz realized that the absence of currency on a barter-based platform also presented Bunz’s greatest challenge. Without currency exchange, there is no “clear stream of income.”
According to the project blog, each Bunz user will receive 1,000 BTZ which can later be exchanged for goods and services or exchanged between members for one another. Initially, 1,000 BTZ will be “enough for about three copies”. On April 9, 2018, BTZ will be available to 200,000 users of the Bunz platform.
CEO Sascha Mojtahedi said the company had already drafted a revenue model, but declined to comment on what it would be or when it would be introduced. Mojtahedi said that the BTZ launch was meant to attract more users to the platform:
“You need to be able to reward people with the use of the cryptocurrency they earn as a result of their involvement in the network, and then allow them to share it with fellow members and other merchants. This will give us more space so we can create new models that others may not have thought of.”
Meanwhile, at the beginning of this year the Japanese e-commerce giant, namely Rakuten, has also made an announcement regarding its plans to release their own cryptocurrency. Its CEO and founder, Hiroshi Mikitani said that it would be “a currency without borders.”