Axes Web Currency

17 August 2001

Beleaguered online reward scheme is to axe its eponymous internet currency and close its London office as it tries to find a buyer.

All Beenz – earned by surfers from online activities such as signing up to websites and accepted as currency by participating traders – in circulation after midnight on August 25 will become invalid.

From a peak of 260 staff and thirteen offices around the world, Beenz is now left only with its New York unit and five employees to sell the firm and its assets.

Says the company: “’s decision to wind down the Beenz economy and halt its trading is a direct consequence of the company’s successful strategy of minimising the company's liabilities while [it] is involved in advanced negotiations with a number of interested parties.”

News source: Financial Times