YOUNGSTOWN, Ohio (WKBN) – Cryptocurrency is a digital form of currency. You can use it to purchase things, as well as send funds to others, and some use it as an investment. For a group of men from Youngstown, it’s a way to help the people of their community.
“The idea to actually start our own cryptocurrency came up. To us, it didn’t seem feasible because we thought you had to be some super smart, brilliant, scientist,” said Lester Scott, marketing director for FAAM Coin.
But, the idea wasn’t so far-fetched. Scott and a few others from the Youngstown area teamed up to create FAAM Coin, which stands for “Forty Acres and A Mule.”
Forty Acres and a mule refers to a wartime order during the Civil War to allot land to freed families.
“Because of everything our communities have faced, you know putting that power in the hands of our people, it’s something that we can really monetize on and we can actually expand to many different avenues,” said CEO Jeremy Oliver.
FAAM Coin isn’t just a cryptocurrency though, it was created to serve several different purposes.
“This cryptocurrency is designed to help empower under-represented communities and help create generational wealth,” said FAAM Coin investor Keith Logan.
The coin also serves as a way of giving back to those in need.
“Instead of us donating to an actual charitable organization, we’re going to act as a charitable entity itself,” Oliver said. “So we’re looking to use funds to help buy homes, buy land, cars, food.”
“As we all know, need is the father of invention, so FAAM Coin is going to go ahead and bridge the gap,” said Shawn Burton, an early investor in FAAM Coin.
The men said this coin is a way for them to educate others about investing and prospering, financially. They also said it’s all inclusive and welcomes everyone.
“I feel like FAAM Coin is the perfect marriage that allows us to not only grow our wealth but also keep that community-oriented assistance type of thing going,” Scott said.
For those who want to learn more about cryptocurrency and how it all works, there’s a video on their website that explains it in more detail. They also hope to get local business owners involved who will start accepting FAAM Coin as a form of payment and get it circulating in the community.