Toronto-based Bunz trading app has launched its own cryptocurrency called BTZ.
Starting today, the cryptocurrency can be used within the Bunz app, which currently has over one million users.
Anyone with the latest version of the app, as well as all new downloads, will receive 1000 BTZ, though there is a finite amount of the currency to be distributed.
Active Bunz users can earn additional BTZ by contributing to community growth, through posting items for trade that receive many views, sharing the Bunz app with their networks, or watching educational videos about BTZ.
“Bunz’s fundamental goal is to build community that promotes a sustainable future. Part of making the world more sustainable economically means the decentralization of social networks and marketplaces, making way for stronger local communities. New technologies like cryptocurrency are making that possible,” said Sascha Mojtahedi, CEO, Bunz Trading Zone.
“BTZ is an extension of the Bunz bartering revolution. We see a future where large institutions will be replaced with decentralized systems that are owned by the people who use them, instead of the people that built them.”
Bunz users can use their BTZ to redeem food, coffee, beer, clothing, beauty services, and even vinyl records from a number of local partners.
Local partners include Cry Wolf Clothing, Drake General Store, The Fifth Pubhouse, Halo Brewery, Hayley Elsaesser, High 5 Curated Convenience, Reunion Island Coffee, Tiny Record Shop, and more. A full list of retailers can be found here.
Bunz will continue to grow its network of BTZ partners not only in Toronto but in Canada and beyond.