This is a frequent question we are asked and it is a legitimate one? What should I do if I have B€ registered on a BarterNext account and the network is bankrupt?
The BarterNext system is based on a three-headed system with 3 structures:
- The cooperative that "owns" the network has data on the B€ and the guarantee fund, which had a capacity at the time of its last audit of 1.3 Million B€ or 830% of its effective needs in a normal year.
- An interchangeable billing and management body that bills and assumes structural risks
- A technology management company managing the IT maintenance of servers, mobile app and using world leading technology and handling billions of transactions every year.
This means that in the event of a minor problem, the system is resilient, the proof being that we crossed without a hitch:
- The banking crisis of 2008
- The Covid19 crisis
And in case of serious problems, members and strategic assets can be taken over by the members themselves who are all cooperators of BarterNext.
