This Millennial Created the First Digital Token on the Blockchain Backed By Affordable Housing – Black Enterprise
Real estate investor and entrepreneur Vernon J. is on a mission to democratize real estate investing through the launch of EquityCoin™ (EQTY). It’s the first digital token on the blockchain-backed by affordable housing. Vernon believes that EquityCoin is one solution to helping more communities of color build generational wealth through real estate investing.
“The integration and application of blockchain technology within the real estate funding sector is the solution to reducing America’s racial wealth gap, which has more than doubled in the last four decades,” says Vernon. “Through the fractionalization and tokenization of assets, blockchain technology reduces the minimum investment size, which opens new opportunities previously inaccessible to most Americans.”
Vernon has been in the multifamily real estate industry for over 15 years, facilitating over $50 million worth of transactions. But there was one powerful moment that changed everything: renting a unit to a single mother living in a shelter. This opened Vernon’s eyes to the issues of homelessness on another scale. Instead of sitting back and watching the inequities around him, Vernon decided to take action and promote opportunities for all. EquityCoin was born in 2021.
“Once I handed her the keys to the apartment, she wept with tears full of joy,” says Vernon in a statement. “That feeling of fulfillment was inexplicable, and it was at that moment I knew my purpose was to offer a helping hand to thousands of other families in need.”
EquityCoin was launched to provide quality housing to marginalized communities. By blending the capabilities of blockchain technology with his affordable housing experience, Vernon hopes to revitalize urban areas around the country.
When it comes to building wealth, real estate has been one of the most promising asset classes in the market. But it’s also known to be one of the most illiquid assets. It may require weeks or even months to convert real estate property into cash.
EquityCoin solves this problem. Instead of navigating a traditional 30-day close, the exchange period is reduced to 12 seconds. Through tokenization on the blockchain, users get access to instant liquidity. This represents a groundbreaking shift in the transfer of real estate property.
According to the website, EquityCoin was created to include the following characteristics:
1. To give EQTY holders rights to property cash flows
2. To be freely transferable to anyone without restriction
3. To enable legally recognized ownership of real property
Through this decentralized approach to affordable housing, EquityCoin plans to revolutionize the real estate funding apparatus. Also, Black and brown communities will have an opportunity to participate in the wealth-building process.
“EquityCoin will champion a new sharing equity economy by giving community members the opportunity to own fractions of income-producing properties in the cities that they actually live in,” says Vernon.
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