This translation has been automatically generated and has not been verified for accuracy.Tonality Records saw an immediate boost to its sales after it started accepting payments in BTZ, a cryptocurrency launched by online marketplace Bunz Inc., a little more than a month ago.
Unfortunately for the shop’s owner, Julian Seth-Wong, the benefit – which amounted to roughly $700 in sales in only the first month – was short-lived. Earlier this week, Bunz abruptly announced it would no longer be offering the service to merchants other than those selling coffee and food. The change, it said in an e-mail that went out Sept. 10, was effective immediately.
“The reality we face is that it’s expensive to build and maintain a platform that hundreds of thousands of people use every day,” the post reads. “It gets more expensive when you try to ensure those people see material benefits from using it. Reducing the merchant list was necessary to continue Bunz and BTZ for the community.”Bunz was started in 2013 by fashion-design graduate Emily Bitze, who was struggling financially and couldn’t afford pasta sauce for her spaghetti dinner.
Merchants were not the only ones left in the lurch after Bunz’s announcement. Many of the site’s users had been saving up their BTZ for bike repairs, records and other large purchases and were stunned to learn that the tokens were now only redeemable at restaurants and coffee shops.When Elizabeth Joyce, who is an administrator for several Bunz-related Facebook groups, heard the news, “it felt like a punch in the gut,” the Toronto resident said.
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