Representatives of the Hong Kong non-profit organization, The LGBT Foundation has announced plans to release their cryptocurrency to support members of the LGBT community around the world and to increase their purchasing power. The organization plans to raise $ 50 million during the ICO, which starts in April.
On Thursday, the LGBT Foundation, gankovskaya NGOs that support gay, lesbian, bisexual and transgender people around the world, announced its plans to issue their own tokens. According to the statement of the President of the organization Christopher Wittig, the purpose of issuing its own cryptocurrency is to form capital to support members of the LGBT community suffering from harassment around the world.
Before the start of sales of tokens several businesses in San Francisco that are managed by members of the LGBT community, have already agreed to accept the "pink dollar" as payment for goods and services. Also, the social network for members of the LGBT community Hornet, founded by Wittig, according to the founder, will be the first to start accepting tokens as a payment for subscriptions from its 25 million users.
According to the entrepreneur, the gay community has more purchasing power than other minorities:
"Sellers do not have enough information on the purchasing power of this community... the Blockchain will allow the brands to do special offers for members of the LGBT community, which will give them a better idea about the statistics".
In addition to supporting community-driven businesses, the organization hopes to raise sufficient funds to support the operational activities of the organization and the goal of activism.
"We believe that we can implement a fundraising campaign using tokens to apply these funds in areas that are important to the LGBT community," says Wittig.
Wittig also notes that they are well aware of the risks associated with the release of their own tokens, so the organization will work with experienced crypto investors and security experts to create a full-fledged content token.
"It is very important for us to make sure that everyone who wishes to participate will be safe and that it will benefit both sellers and buyers," the head of the community says.
The aim of the campaign, according to the head, to help members of the LGBT community to fully understand their financial capabilities, to understand the so-called strength of the "pink dollar»:
"It's about taking our destiny into our own hands, and seeing our strength as a community that comes together."
Perhaps, the increase in the purchasing power of minorities is one of the latest trends in the ICO world. Companies from Kodak to Atari use a decentralized blockchain technology as an alternative to traditional financing. Alternative organizations are starting to follow suit, and certain types of businesses can get a good profit from this trend.
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