The Bellevue-based business-to-business digital currency company announced it will expand its service to greater San Diego
Founded in 2002, BizX offers its network member businesses a hub to trade services with each other using BizX dollars. For example, a catering company (and BizX member) could offer food and beverages to an automobile repair shop (and fellow BizX member) in exchange for services to their fleet of delivery vehicles — all by using BizX dollars instead of U.S. dollars.
“The BizX community makes it possible for local business owners to get the things that they need by leveraging what they have,” said BizX CEO Bob Bagga in a statement. “By agreeing to accept BizX dollars as payment from other members for goods and services, BizX members earn new and incremental revenue. This revenue is spent back within the network for things that business needs.”
BizX’s 4,000-plus members include American Red Cross, CBS Radio, Dell, Holiday Inn Express, Oakland American Red Cross, Athletics, San Francisco 49ers, Seattle Sounders, and others, according to the company’s website, and facilitated more than 80 million BizX dollar transactions in 2015.
The company has been named by Inc. magazine as one of the fastest-growing private companies in America. It launched an updated mobile app for Android and Apple stores last year.
The company already operates in Bellevue, Seattle, San Francisco, and Dubai. BizX’s entry into the Greater San Diego market signals long-term plans for national expansion, according to the statement.
“BizX brings a whole new dimension of doing business to the area,” said (San Diego) North County Economic Development Council CEO Mike Cully. “It can only enhance our growing economy as more and more businesses realize the potential of this significant market.”