Based as a public profit company, EquityCoin, Inc. created the primary digital token on the blockchain backed by inexpensive housing. The corporate gives residences for these in peril of changing into homeless whereas serving to community-members construct generational wealth via fractional actual property possession.
In keeping with EquityCoin founder and CEO Vernon J., “On any given night time in America, there are over 500,000 folks sleeping on the streets despite the fact that research present that growing entry to everlasting housing has the potential to scale back homelessness by 50%. That is the disaster of our time, and we want extra private and non-private applications that may straight tackle this fundamental necessity.”
Vernon, a industrial actual property skilled and investor with over 16 years of expertise, and over $150 million in transactions, launched EquityCoin in January of 2021 after renting out one in all his models within the East New York neighborhood of Brooklyn, NY, to a mom and son who had been residing in a shelter, in response to a press launch.
“I noticed tears of pleasure in her eyes once I handed her the keys to her new unit. By no means earlier than that second had I felt such achievement. From that time on, my goal was clear – to assist 1000’s of households in want of inexpensive housing,” says Vernon.
“When landlords step as much as present housing to the underserved, everybody wins. The tenant receives important everlasting housing, the town retains households off the streets and property house owners assure their money circulate via authorities hire vouchers.”
In keeping with statistics from the City Institute, actual property is the one funding kind that has created extra wealth than every other asset class, whereas minorities in America usually get excluded from this wealth-generating asset class.
“By marrying blockchain know-how and inexpensive housing, we’ll revitalize city areas from coast to coast, constructing a extra wholesome, livable and sustainable society. It’s not solely essential to do the work, but additionally to have the cultural empathy to supply a holistic method to community-building,” states Beatriz Durant, EquityCoin, Inc.’s Director of Property Administration.
“It was important that we construct an organization with executives and board administrators that truly characterize the communities we serve”, Vernon declared. In keeping with Deloitte’s Board Variety Census Report, appointing ladies and minority administrators gives advantages past simply demographics. Numerous administrators are “extra probably than white males to deliver expertise with company sustainability and socially accountable investing, authorities, gross sales and advertising and know-how within the office to their boards. These abilities are on the forefront of development in a submit pandemic financial system and fewer than 55% of board members within the Fortune 500 report having any one in all these abilities.”
Different core members of EquityCoin’s workforce embody Akil Ash, a Venmo alumni who has helped develop a few of the world’s hottest apps; Beatriz Durant, a pacesetter in vitality and environmental design with 14 years as a property supervisor; Michael McConnell, a group developer with 15 years of expertise constructing social networks; and eventually, Jey Van Sharp, a company technique veteran, through MyÜberLife Consulting, who has helped develop manufacturers like Diesel, Cartier, Pepsi, Neuehouse and UNIQLO.
“As an Afro-Nativo Venezuelan who grew up in Brooklyn, I perceive the extreme disenfranchisement of Black and brown folks close to investing and homeownership. Possession and freedom go hand in hand. Extra particularly, EquityCoin is aware of we can have no equality with out fairness. EquityCoin is worked up to have an funding car that gives a path for Black and brown folks to personal and have fairness into essentially the most elementary asset in America: the house,” says board member Jey Van-Sharp.
To assist streamline the tokenization course of for different actual property operators, EquityCoin can also be creating a secondary market known as EquityShare that logically processes the phrases and circumstances of actual property fairness contracts for execution on the ethereum blockchain. Presently, the typical alternate interval of actual property is 30 days, though EquityCoin goals to scale back that to 30 seconds.
