BTZ (pronounced “bitz”) is reported to be “the first Canadian cryptocurrency to launch to an already-established community – its own members.”
Bunz was launched in 2013 as a private Facebook group by fashion designer Emily Bitze to exchange unused items with friends. The community grew quickly and soon expanded beyond Facebook and Toronto. The Bunz app and website were launched in 2016.
The Globe and Mail reports that the platform grew rapidly due to it simplicity and the absence of cash. However, the absence of currency on a barter-based platform has also presented the biggest challenge to Bunz. Without an exchange of currency, there is no “obvious income stream.”