YOUNGSTOWN, Ohio (WKBN) – Cryptocurrency is a digital type of foreign money. You need to use it to buy issues, in addition to ship funds to others, and a few use it as an funding. For a bunch of males from Youngstown, it’s a approach to assist the folks of their group.
“The concept to really begin our personal cryptocurrency got here up. To us, it didn’t appear possible as a result of we thought you needed to be some tremendous good, good, scientist,” mentioned Lester Scott, advertising and marketing director for FAAM Coin.
However, the thought wasn’t so far-fetched. Scott and some others from the Youngstown space teamed as much as create FAAM Coin, which stands for “Forty Acres and A Mule.”
Forty Acres and a mule refers to a wartime order throughout the Civil Struggle to allot land to freed households.
“Due to every thing our communities have confronted, you recognize placing that energy within the fingers of our folks, it’s one thing that we are able to actually monetize on and we are able to truly broaden to many alternative avenues,” mentioned CEO Jeremy Oliver.
FAAM Coin isn’t only a cryptocurrency although, it was created to serve a number of completely different functions.
“This cryptocurrency is designed to assist empower under-represented communities and assist create generational wealth,” mentioned FAAM Coin investor Keith Logan.
The coin additionally serves as a approach of giving again to these in want.
“As a substitute of us donating to an precise charitable group, we’re going to behave as a charitable entity itself,” Oliver mentioned. “So we’re wanting to make use of funds to assist purchase houses, purchase land, vehicles, meals.”
“As everyone knows, want is the daddy of invention, so FAAM Coin goes to go forward and bridge the hole,” mentioned Shawn Burton, an early investor in FAAM Coin.
The boys mentioned this coin is a approach for them to teach others about investing and prospering, financially. In addition they mentioned it’s all inclusive and welcomes everybody.
“I really feel like FAAM Coin is the right marriage that enables us to not solely develop our wealth but additionally maintain that community-oriented help sort of factor going,” Scott mentioned.
For individuals who need to study extra about cryptocurrency and the way it all works, there’s a video on their web site that explains it in additional element. In addition they hope to get native enterprise homeowners concerned who will begin accepting FAAM Coin as a type of fee and get it circulating in the neighborhood.