Gold Coast-based Bartercard boss Tony Wiese has ambitious targets for his digital currency “Qoin,’’ named after Queensland

The Gold Coast group running Bartercard has jumped on the cryptocurrency bandwagon in a big way

THE Gold Coast gang running Bartercard has jumped on the cryptocurrency bandwagon in a big way.

The long-running trade exchange business launched something dubbed “Qoin’’ in late 2019 – and, yes, the Q does stand for Queensland.

It’s now poised to reach critical mass.

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With a sales force of about 100 beavering away since the start of the year, boss Tony Wiese hopes to have as many as 5,000 small and medium-sized businesses using the digital currency by the end of this month.

Tony Wiese hopes to have as many as 5,000 small and medium-sized businesses using the digital currency by the end of this month.

Long term goals are even more ambitious, with a target of 10 million merchants, businesses or sellers globally within 20 years.

Under the plan, Wiese aims to allow a much greater cross-pollination between merchants using private Bartercard trade dollars and the wider public using Qoin.

It’s the latest twist in Wiese’s intriguing history with Bartercard, which launched nearly 30 years ago.

Wiese, a native of South Africa, was part of a trio who acquired the Australian arm of the global business for $25 million in 2007.

After leaving the company, which was beset by boardroom dramas, Wiese eventually bought back Bartercard’s Australian and NZ operations for just $5 million in late 2018.

His gambit on digital currency comes as blockchain technology rapidly gains acceptance as an alternative to the traditional folding stuff.

That’s despite a number of scammers giving the industry something of a black eye and quite a bit of confusion among the wider public about what it’s all about.

There are already about 300 or so different digital models on offer, with the sector estimated to be worth more than $6 billion in Australia alone.

SHAKING IT UP

There’s a shake up under way at the top of Sentinel Property Group.

The Brisbane-based outfit revealed on Wednesday that founding CEO and managing director Warren Ebert will pivot to become group executive chairman and take on the newly-created role of chief investment officer starting July 1.

Stepping into his shoes will be Stacey Jones, who now serves as chief operating officer. No replacement has yet been named for her role.

Warren Ebert will pivot to become group executive chairman of Sentinel Property Group.

The current long-serving chairman, Steve Eager, has been eased aside but will still head up an advisory board.

Launched during the last downturn 10 years ago, Sentinel has grown to manage investment funds valued at more than $1 billion.

Ebert said he was keen to step back from day-to-day matters and predicted the company would take full advantage of the COVID-19 hit on retail and commercial property values.

“We’re fortunate,’’ he told us. “We’ve got another chance to double in size. We’re getting ready for the next great wave.”

CHANGE AFOOT

Change is also afoot at leading hedge fund VGI Partners, which made life hell in recent years for the likes of the Brisbane Markets and Corporate Travel Management.

The group, known for its aggressive short-selling, announced this week that longstanding director, Doug Tynan, would step down from the job for undisclosed personal reasons.

Tynan, a Brisbane native who has been in the role for 12 years, will still serve in a non-executive capacity on the board and vowed to keep his investments in the group intact.

Doug Tynan is stepping down from his director role at VGI Partners

He was a key figure in VGI’s failed takeover of the Brisbane Markets in 2015 and it still holds a 15 per cent stake in the Rocklea-based institution.

Tynan also helped spearhead VGI’s assault on Jamie Pherous’s CTM, shorting almost $75 million worth of the stock after alleging in late 2018 the company relied on a raft of questionable accounting practices. CTM vigorously disputed the claim but its share price copped a hammering nonetheless.

“I’m pretty sure they would have popped the champagne in the board rooms of Brisbane Markets and Corporate Travel Management at the news I’d be stepping down from my executive position at VGI,’’ Tynan told us.

“I’ve loved every minute of the last 12 years, particularly when VGI’s been sniffing out accounting shenanigans or agitating for improved governance.’’

Originally published as Gold Coast-based Bartercard boss Tony Wiese has ambitious targets for his digital currency “Qoin,’’ named after Queensland