[ibimage==28948==Original==none==self==ibimage_align-right]After raising $2.5 million, LA-based AroundWire today announced the upcoming release of its social exchange, a website that enables members to share information and conduct transactions in an environment of trust.
"We developed a revolutionary platform, one that combines social networking, identity verification and an online marketplace," said Amira Fickewirth, CEO and Founder of AroundWire. "Our members can list their products and services, send and receive proposals and do business much like they would in real life, while we work to remove the uncertainty surrounding online commerce."
By enabling members to verify their profiles and evaluate others based on their Juice (a reputation score that accounts for a person's previous transactions), AroundWire looks to make interacting with strangers less intimidating and fraud harder to execute. According to a report by CyberSource Corp., online retailers' losses due to fraud increased 30 percent in the past two years, from $2.7 billion in 2010 to an estimated $3.5 billion last year.
"AroundWire is not just a safe marketplace, but it also enables members to do business with and through people they know personally," said Fickewirth. "These personal interactions make product reviews more trustworthy, referrals more relevant and finding who your friends know easier than ever before."
According to the latest Nielsen global online consumer survey of more than 25,000 Internet consumers from 50 countries, recommendations from personal acquaintances are the most trusted form of advertising. To note, AroundWire allows no advertising in the form of banner ads or other sponsored content.
