By Ryan Velez
Black business owners often have to grapple with less access to working capital to help start or expand their business than their white counterparts. This can come in the form of loans, investments, or many other options. As a result, some have praised cryptocurrency as a potential sleeper option to help Black business people get their start, as some of the institutional barriers aren’t in place due to their relative recency and smaller field of use. Black News shares the story of $Guap, a cryptocurrency that was actually made for this purpose.
The press release for $Guap’s ICO (Initial coin offering) reads as follows:
“Technology veteran, visionnaire, and mompreneur Tavonia Evans has launched the very first ICO (Initial Coin Offering) for $Guap, a coin aimed at recycling wealth within the Black community. $Guap is a groundbreaking offer that breaks into the world of cryptocurrency with an ambitious mission to reward African-American consumers for supporting businesses that support them.
Traditionally, African-Americans account for a large chunk of spending power especially in regards to retail spending. However, the spending that is often seen from African-Americans fails to support them locally in their community efforts, educationally, politically, and economically. African-Americans suffer greatly due to gentrification and often lose their economic value as quickly as it is gained. Additionally, it is often more affordable to spend with bigger brands who outcompete with the local small business person, yet African-American women are one of the fastest growing markets of small business owners. $Guap believes it has the answer to circulating money back into this micro-economy and rewarding people for doing so.”
How does $Guap work? It is an ERC20 token built on ethereum blockchain technology. This uses smart contracts to perform various tasks. With $Guap, every token spent will be distributed throughout a system that will fund new businesses, HBCUs, and philanthropic efforts that adopt the coin.
Tavonia Evans is a perfect mind behind this plan. She has almost 20 years of technology experience and believes that cryptocurrency could be the game changer for Black economics. She has worked as a startup owner, developer, patent owner, and consultant to Government and several Fortune 500 companies. She can be contacted at firstname.lastname@example.org for all media related inquiries. $Guap can be found at www.guapcoin.com on the web or by the hashtag #getguap on social media.