FOR IMMEDIATE RELEASE
NEW YORK, NY – (Feb. 9, 2021) Today, real estate investor and entrepreneur Vernon J. announced the launch of EquityCoin™ (EQTY), the first digital token on the blockchain backed by affordable housing. Through this decentralized approach to community development, EquityCoin plans to transform the real estate funding apparatus while creating generational wealth for Black and brown communities.
According to the National Low Income Housing Coalition, the U.S. has a shortage of 7 million affordable apartments, which has been exacerbated by the economic fallout from COVID-19. To address this national crisis, Vernon created EquityCoin as a vehicle to galvanize communities of color to invest in local affordable housing projects cooperatively.
Vernon plans to democratize real estate investing for everyday millennials by reducing barriers to entry such as high investment minimums and significant net worth requirements. At the same time, he seeks to provide quality housing within America’s opportunity zones. Each EquityCoin Token (EQTY) represents a fraction of ownership in the company’s growing portfolio of properties.
“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. Through the fractionalization and tokenization of assets, Blockchain technology reduces the minimum investment size, which opens new opportunities previously inaccessible to most Americans. 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.
Beatriz Durant, EquityCoin, Inc.’s Director of Community Management and Leader in Energy and Environmental Design, speaks further on the essential programming that will lead the way to a better tomorrow.
“By marrying Blockchain technology and affordable housing, it is our hope to revitalize urban areas from coast to coast, building a more healthy, livable, and sustainable society.”
More than just a digital token, EquityCoin adds civility to wealth-building. In fact, the creation of EquityCoin was inspired after Vernon saw the challenges of homelessness firsthand while renting one of his available units in East New York, Brooklyn, NY. to a single mother living in a shelter.
“Once I handed her the keys to the apartment, she wept with tears full of joy. 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,” says Vernon.
EquityCoin, Inc. will begin applying its real estate tokenization process with an assemblage of multifamily properties in the East New York section of Brooklyn. The company plans to launch programming and resources in four additional target markets: South Los Angeles, North Miami, Newark, New Jersey, and Oakland, California.
For more information about EquityCoin’s mission, go to https://EquityCoin.org
About EquityCoin, Inc.
EquityCoin, Inc. is a public benefit corporation developed to provide quality housing for \vulnerable communities while helping everyday families build generational wealth through real estate investing. EquityCoin™ (EQTY) is the first digital token on the blockchain backed by affordable housing.
Real estate is known to be one of the most illiquid assets, although tokenization on the blockchain allows for instant liquidity. Traditionally, the transfer of real property requires approximately 30 days to close, while EquityCoin reduces the exchange period to 12 seconds on the Blockchain, representing a revolutionary improvement in the transfer mechanics of real estate.
About Vernon J.
From Brooklyn by way of Los Angeles, Vernon J. is a social entrepreneur and real estate investor with a passion for helping communities of color build generational wealth. Since 2005, Vernon has dedicated his life to community-building through multifamily acquisitions and asset management, facilitating over $50 million worth of real estate transactions around the United States.
Giving back has always been a major part of Vernon’s career. Some of the community programs he co-founded in the last decade are Healthy NYC, Young Masterminds Initiative, NY for Seniors, and Mastermind Connect, all of which are thriving today.
With over 15 years of experience in the multifamily real estate industry, five years of immersive global Blockchain exposure, six continents traveled, and a growing affordable housing portfolio, Vernon looks forward to using his contacts and broad expertise to uplift underserved communities from coast to coast.
Vernon graduated from Northfield Mount Hermon, one of the nation’s top-ranked prep schools, and attended Seton Hall University, majoring in finance. For more information about Vernon, go to VernonJ.com or connect with him on Instagram.