Listia
| Company type | Private |
|---|---|
| Industry | Online marketplace |
| Founded | August 6, 2009 |
| Founder | Gee-Hwan Chuang, James Fong |
| Products | Online marketplace platform, mobile applications, XNK cryptocurrency |
| Website | listia |
Listia operates as an online marketplace that facilitates direct peer-to-peer exchanges of goods through its unique system known as PTS. Participants accumulate PTS by offering items they no longer need and can use these points to place bids on other users’ auctions. Once a transaction concludes, buyers coordinate shipping or pickup arrangements directly with sellers.
History
Listia was established by Gee-Hwan Chuang and James Fong, officially launching on August 6, 2009, following an initial $15,000 investment from Y Combinator. Later that year, in October 2009, the company obtained $400,000 in angel investment from Implistic Capital, with Adam Pearsall joining its board of directors. Transactions on the platform are conducted using "Listia Credits," which users earn by listing items or can acquire through direct purchase.
By 2010, the platform had exceeded one million auction listings and earned a spot on PCMag’s list of the top 100 websites. In April 2011, Listia secured $1.75 million in funding from investors such as Andreessen Horowitz and SV Angel. The user community grew to over one million by January 2012, spanning more than 3,000 cities, coinciding with the release of dedicated Android and iPhone applications.
On July 18, 2012, Listia rolled out a rewards store feature that enabled users to exchange credits for brand-new products from various online retailers. The company further expanded its mobile development efforts after raising $9 million in Series A funding in October 2013, led by General Catalyst.
Facing decelerated growth, Listia launched the XNK cryptocurrency in 2018, built on the Ethereum blockchain. A total supply of 500 million XNK tokens was distributed with allocations including existing users (6%), private and public presales (30%), company reserves subject to a three-year vesting schedule (32%), and network incentives (32%), aiming to improve transaction efficiency both within and beyond the marketplace.
Department of Labor investigation
In 2014, following an inquiry by the Department of Labor, Listia agreed to disburse $190,546 to 61 current and former employees as back wages and damages. The investigation revealed violations of the Fair Labor Standards Act concerning overtime pay, minimum wage requirements, and record-keeping standards. Specifically, customer service staff were not compensated for overtime hours or occasionally even minimum wage. Additionally, some workers were improperly classified as exempt from overtime pay while others were treated as unpaid volunteers compensated solely with platform credits redeemable for purchases.