BizX
BizX is an American financial technology company that operates a digital private currency (the BizX dollar) that facilitates business-to-business exchange of goods and services.[1][2]
 BizX Logo | |
| Private | |
| Industry | Financial Technology, Barter, Trade Exchange |
| Founders | Bob Bagga (Co-founder, CEO) Chris Haddawy (Co-founder, EVP) |
| Headquarters | , |
Area served | Washington, California, Dubai |
| Products | Network-based private currency (BizX Dollars) |
| Services | Business-to-business trade exchange |
| Website | bizx |
Originally designed as a barter exchange, BizX uses a digital private currency model to facilitate indirect trade by allowing members to earn BizX dollars from one member and spend them with another. They have a few thousand members and claim to conduct more than $80 million in transactions per year.[1] BizX pairs its currency to the value of the US dollar.[3]
The company is headquartered in Seattle, Washington, with offices in Oakland, California and Dubai, United Arab Emirates.
Company history
BizX was founded in 2002 by Bob Bagga, Chris Haddawy, and Raj Kapoor. All three partners had previous experience in the barter exchange industry. Before founding BizX, Bagga was the founder of Barter Business Exchange (BBE).[1] Later, BBE merged to create UBarter.com, which was sold to Network Commerce in 2001.[4] Haddawy was previously president of the Barter Business Network, and general manager of BarterTrust, overseeing West Coast operations.[5]
In 2010, BizX acquired Dibspace, an online marketplace that facilitated business-to-business and business-to-consumer exchanges of products and services using a private currency called Dibits.[6]
BizX primarily earns its revenue from transaction fees.[7] BizX also offers lines of credit to member businesses at the rate of 1.5% per month (18% annually), payable in BizX dollars.[8]
BizX dollars are a private currency not exchangeable for cash.[9] Nor are BizX dollars a cryptocurrency, as the company is not a money transmitter.[10] Unlike cryptocurrencies, BizX transactions are not anonymous.
References
- "BizX President, CEO and Co-Founder, Bob Bagga, to Receive IRTA 2015 Hall of Fame Award - Business Wire". 4 August 2015. Retrieved 4 May 2016.
- https://www.forbes.com/sites/julianmitchell/2017/10/27/this-ceo-built-a-network-powering-over-700m-in-small-business-transactions/#7ac2bacd6fea
- https://pdxscholar.library.pdx.edu/cgi/viewcontent.cgi?article=5559&context=open_access_etds
- "Ubarter.com USA: Private Company Information - Businessweek". Retrieved 4 May 2016.
- "Trading Places: Small Business Bartering Heats Up - Inc.com". Inc.com. October 2000. Retrieved 4 May 2016.
- "BizXchange Acquires Dibspace, Adding a Consumer Trading Platform to the B2B Barter Model - Business Wire". 20 October 2010. Retrieved 4 May 2016.
- https://redbooth.com/blog/bartering-basics-for-startups
- https://www.latimes.com/business/la-xpm-2011-feb-22-la-fi-smallbiz-barter-20110222-story.html
- "Cryptocurrency Money Transmitter Advisory Memo - IRTA — International Reciprocal Trade Association". IRTA — International Reciprocal Trade Association. Retrieved 4 May 2016.
- "Cryptocurrency Money Transmitter Advisory Memo - IRTA — International Reciprocal Trade Association". IRTA — International Reciprocal Trade Association. Retrieved 4 May 2016.