THE Gold Coast gang running Bartercard has jumped on the cryptocurrency bandwagon in a big way.
The long-running trade exchange business launched something dubbed “Qoin’’ in late 2019 – and, yes, the Q does stand for Queensland.
It’s now poised to reach critical mass.
With a sales force of about 100 beavering away since the start of the year, boss Tony Wiese hopes to have as many as 5,000 small and medium-sized businesses using the digital currency by the end of this month.
Tony Wiese hopes to have as many as 5,000 small and medium-sized businesses using the digital currency by the end of this month.
Long term goals are even more ambitious, with a target of 10 million merchants, businesses or sellers globally within 20 years.
Under the plan, Wiese aims to allow a much greater cross-pollination between merchants using private Bartercard trade dollars and the wider public using Qoin.
It’s the latest twist in Wiese’s intriguing history with Bartercard, which launched nearly 30 years ago.
Wiese, a native of South Africa, was part of a trio who acquired the Australian arm of the global business for $25 million in 2007.
After leaving the company, which was beset by boardroom dramas, Wiese eventually bought back Bartercard’s Australian and NZ operations for just $5 million in late 2018.
His gambit on digital currency comes as blockchain technology rapidly gains acceptance as an alternative to the traditional folding stuff.
That’s despite a number of scammers giving the industry something of a black eye and quite a bit of confusion among the wider public about what it’s all about.
There are already about 300 or so different digital models on offer, with the sector estimated to be worth more than $6 billion in Australia alone.