BizX
BizX Logo
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| Private | |
| Industry | Financial Technology, Barter, Trade Exchange |
| Founders |
Bob Bagga (Co-founder, CEO) |
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Area served
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Washington, California, Dubai |
| Products | Network-based private currency (BizX Dollars) |
| Services | Business-to-business trade exchange |
| Website | bizx |
Bob Bagga (Co-founder, CEO)
Chris Haddawy (Co-founder, EVP)
BizX is an American financial technology company that operates a digital private currency (the BizX dollar) that facilitates business-to-business exchange of goods and services.
Originally designed as a barter exchange, BizX has been upgraded to the digital private currency model, one that facilitates indirect trade by allowing members to earn BizX dollars from one member and spend them with another.
The BizX community consists of more than 4,000 members who conduct more than $80 million in transactions per year.
The company is headquartered in Seattle, Washington, with offices in Oakland, California and Dubai, United Arab Emirates.
BizX was founded in 2002 by Bob Bagga, Chris Haddawy, and Raj Kapoor. All three partners had previous experience in the barter exchange industry. Before founding BizX, Bagga was the founder of Barter Business Exchange (BBE). Later, BBE merged to create UBarter.com, which was sold to Network Commerce in 2001. Haddawy was previously president of the Barter Business Network, and general manager of BarterTrust, overseeing West Coast operations.
In 2010, BizX acquired Dibspace, an online marketplace that facilitated business-to-business and business-to-consumer exchanges of products and services using a private currency called Dibits.
Seattle, Washington
Head office opened in 2002, serving the greater Seattle metropolitan area.
Oakland, California
Satellite office opened in 2002, serving the greater San Francisco metropolitan area.
Dubai, UAE
Satellite office opened in 2007, operating large arbitrage deals unique to the UAE market.
The BizX network is a private economy comprising 4000 member businesses that monetize excess inventory or capacity at full market rate in BizX dollars. Businesses then use their earned BizX currency to offset cash expenses such as advertising, travel, entertainment, etc. The model produced more than $81,000,000 BizX dollars in transactions in 2015.
BizX primarily earns its revenue from transaction fees, typically 7.5% when selling and 7.5% when buying within the BizX network. Sometimes confused with credit card fees, BizX fees are more comparable to sales or marketing channel fees such as those from HotelTonight, Groupon, or other business sales channels.
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Wikipedia