6 Virtual Currencies That Went Bust

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Beenz

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(iStockPhoto)

Started: 1998

Ended: 2001

Succeeded at: creating global online couponing it called a virtual currency, and raising $100 million from big-name investors like Oracle’s Larry Ellison, Italian bank mogul Carlo De Benedetti and Gucci chief Francois Pinault.

Why it failed: Online commerce sites never bought into its hoped-for loyalty couponing by issuing enough Beenz to monetize the growing Internet economy.

Next: Flooz


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