beenz Claims Million Transactions

Web currency site beenz.com claims that a million transactions have been conducted on the Internet using beenz, and that there are now over 100,000,000 beenz in circulation.

"The millionth beenz transaction underlines how much the Web's currency has begun to capture the hearts and minds of both companies and consumers on both sides of the Atlantic," said Philip Letts, CEO of beenz.com.

"We are encouraged by how quickly both merchants and consumers on the Web have come to appreciate the power of beenz."

Users can collect beenz at participating sites, usually for shopping but sometimes for simply visiting. The beenz can then be spent at sites belonging to participating traders.

The creators of beenz say that the currency can also be used as pocket-money for children. The company has an agreement with iCanBuy.com, a leading digital wallet for teens and kids, where the beenz can be converted into a currency for use at certain stores and charities.

"With approximately 200 businesses and thousands of people trading beenz currently, and new businesses and consumers joining everyday, we are witnessing only the beginning of the beenz revolution," added Letts.

According to published reports, the company may face a lawsuit after taking back significant amounts of its e-commerce currency. Beenz blames the confusion on a distributor who erroneously released 1,000 beenz to each user instead of an allocated 50.