The Tribune

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

BAHAMIANS are "eager" to explore cryptocurrency opportunities, a local businessman says, suggesting this was highlighted by 80 locals purchasing tokens from a cryptocurrency start-up's Australian offering last week.

Wayne Johnson, who with Parrish Simmons is a corporate manager for the Zucaz Group that launched its Zucoin cryptocurrency token on August 15, told Tribune Business the token had increased in value by between 233-300 percent since he began promoting it last year.

"When I started promoting the coin in The Bahamas last year it was at $1.25--$1.50," Mr Johnson said. "We just launched in Australia on August 15 and it was $5. Bahamians have an opportunity to participate in a blockchain and cryptocurrency start-up out of Australia. They are going throughout the Caribbean, and Turks and Caicos as well as Latin America.

"Bahamians get a chance to not only participate in an initial coin offering (ICO) but also benefit from this blockchain cryptocurrency start-up that is going to be major global player in the space. We have close to 80 Bahamians who have already purchased coins when they were in the $1.25 to $1.50 range, and even though the coin has gone up to $5 retail investors still have an opportunity to participate. The ones who have gotten in are very happy with the returns so far."

Mr Johnson said Zucoin will be traded on the trade.io crypto exchange. It is being promoted as the world's first "augmented reality-backed cryptocurrency that can be instantly and securely stored or exchanged between everyday users with a truly decentralised peer-to-peer blockchain".

Zucoin was launched alongside the Zukaz app, which allows merchants to "drop real cash vouchers in the augmented reality world, allowing consumers to collect, trade or redeem their cash vouchers at their favourite shops, cafés, restaurants and businesses".

Mr Johnson said the coin's value will be driven by consumer use. He added that for more Bahamians to become involved in the cryptocurrency and blockchain space, "there needs to be proper legislation.

"You can come with a one-size fits all approach," he added. "There are a lot of Bahamians doing amazing things in the cryptocurrency blockchain space, and I'm just one of them. People right now are doing mobile to mobile commerce and participating in the blockchain space without any regulation because its a peer-to-peer digit platform that is decentralised.

"You want business to be able to use it. The businesses that are first to market will be the ones to benefit because a lot of people want to use the technology."