Canadian Barter Platform Bunz to Launch Own Crypto

Each Bunz user will receive 1000 BTZ, which can be exchanged for goods and services or can be send and received within users' community
10 April 2018   819

The Canadian platform for online trading and barter Bunz Trading Zone has issued its own crypto currency called BTZ. This is reported by Globe and Mail.

BTZ (pronounced "bitz") is, as its creators state, "the first Canadian crypto-currency, emitted in an already formed community - among the platform participants."

The Bunz project was created in 2013 by designer Emily Bitz as a closed group on Facebook in order to exchange things with friends. The number of the group grew rapidly, and she soon went beyond Facebook and Toronto. In 2016, an application and a website were released for Bunz.

The platform grew so quickly due to its simplicity and the absence of cash payments. However, it was the absence of payments that became a serious problem for Bunz, as it deprived the platform of "an obvious source of income".

You can use it in a simple and elegant way. We know the technology works … but we haven’t really seen a viable use case that the mass market can get behind. I think we’re going to be the first example of that.

Sascha Mojtahedi

CEO, Bunz

As stated in the project blog, each Bunz user will receive 1000 BTZ, which can be exchanged for goods and services or receive / send to other users of the platform. Initially, 1000 BTZ will be worth "enough to buy three coffee". BTZ tokens are available to 200,000 platform users since April 9th.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   346

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.