RealTime IT News

beenz.com Claims Ten Million Transactions

Web currency specialist beenz.com says it has recorded its 10 millionth transaction between consumers and merchants.

With over 250 million beenz in circulation, the company says it is adding between 3000 and 4000 users a day and is fast approaching 200,000 consumers in all.

"The transaction rate is the most important statistic to our business because it measures the level of activity between beenz merchants and consumers," said Philip Letts, chairman and CEO of beenz.com.

"Ten million transactions is an astounding amount of activity at our stage," added Letts, whose company was launched just seven months ago.

Although the figures may not be directly comparable, it took eBay three years to reach its 10 millionth auction, while E*Trade announced recently that it completed 5.1 million transactions in its most recent quarter.

Recent agreements between beenz.com and merchant sites have been signed with The Motley Fool, Excite UK, and and eBookers. These signings bring the total to around 200 merchants using beenz to encourage participation on their sites.

To earn beenz, consumers visit, interact with, or shop at the merchant sites which offer the currency. Users can spend their beenz on DVDs, sporting goods, holidays, books, clothing and over 2,000 other products and services.

Last month beenz.com added an Australian office in Sydney, and also has offices in London and San Francisco, with its headquarters in New York.