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Web currency specialist beenz.com will co-ordinate its launch into Asian-Pacific markets by opening an Australian office, the company announced Thursday.

The latest beenz news comes just two weeks after the company revealed its marketing tie-up with Excite UK and secured an additional $20 million in finance for its continued expansion.

"beenz.com has proved the validity of its proposition in both Europe and the U.S., and the completion of our third round of funding has allowed us bring our concept to Australia that much faster," said Phil Letts, CEO of beenz.com.

"Once the Australian office has been established, we will be setting up in Japan, which we envisage happening before the end of the year."

beenz has been designed as a marketing tool with the aim of attracting and keeping users' attention as they browse and shop online. Consumers who collect the currency by visiting sites and purchasing goods can spend their beenz on books, CDs, etc., at participating traders.

One of the major investors in beenz.com is the Japanese communications company Hikari Tshushin. When beenz launches in Japan it will become available through all the Hikari businesses, which include mobile communications, Internet services and Web TV.