Having shut down joint ventures with strategic partners in Japan, China, Korea and Italy, alternative currency firm Beenz.com Inc. announced the resignations of its two top executives.

In a statement issued to atNewYork, Beenz said chief executive Charles Cohen and president Donald Maguire offered to step down "in order to provide further costs savings to the business."

The departure of Cohen and Maguire comes as the company is preparing for an outright sale of its assets. A company official said the company is "deep in negotiations" with potential buyers.

"We won't be pursuing another round of financing. It is clear that the market has deteriorated to the point where we have to sell now to get some value for our shareholders," he said.

As it prepares for an acquisition, the company has implemented another round of layoffs, reducing its staff to 30 employees at dual headquarters in Silicon Alley and London.

Executive VP and CFO Stephen Limpe has assumed the additional role of CEO. Chief administrative officer Sean Lane also retains his post to run the day-to-day operations. Beenz's non-executive chairman Phillip Crawford also retains that post.

At the height of its operations in 2000, Beenz employed 265 in offices worldwide. Pointing to "rapidly deteriorating conditions" in the sectors from which its revenues have been derived, Beenz said transition teams would remain in place in New York and London.

Despite raising approximately $80 million since its launched in 1999, Beenz has felt the crunch from a tightening market for alternative Web-based currency firms. The company, which markets technology aimed at creating a universal online currency, has implemented several rounds of job cuts since March.

In the early days of e-commerce, the market for alternative payment platforms exploded with companies like Beenz, Flooz and GiftCertificates.com launching similar services.

But, as the giant credit card companies tinkered with their security platforms to offer payment methods to online shoppers, the opportunities for alternative currency plays quickly dried up.

Flooz.com has shifted to a business-to-business strategy to weather the storm and GiftCertificates.com has cut most of its staff and moved its headquarters to the Midwest to save money.