YELLOW SPRINGS, Ohio (WDTN) — A new form of cryptocurrency has entered the market in Yellow Springs and has taken off.
Carma Coin is a type of cryptocurrency developed on the premise of charitable donations.
“It’s not a matter of if, it’s a matter of when cryptocurrency takes over,” says Brad Butcher, founder and CEO of Carma Coin by day, and traveling poker player by night.
Brad and his brother David got the idea to make their own cryptocurrency after investing in others. Using $800,000 they made on those investments, they launched Carma Coin on May 29, 2021.
“Easiest way to explain it — we’re kind of like a baseball card. People are buying into Carma Coin for what it can be more than what it is now,” says Scott Morin, Carma Coin’s Chief Operations Officer.
Scott says it took off almost immediately after launching.
“Carma Coin launched with a 90-day plan to market in Dayton and then leave Dayton and go to the crypto-community. And it became a nine hour plan,” describes Scott.
The team works out of an office inside Coactive in Yellow Springs.
“One of the things that really helped us succeed in the beginning was the personal aspect. Everybody knew Brad. Everybody knew David. Everyday believed in Brad and David. And that’s what they bought into,” says Scott.
That initially drove up volume with more than 12,000 holders to date.
Their mission is one of giving back.
In the two months Carma Coin has been active, they’ve given away six cars.
“The sense of joy that you feel from these people when they’re picking up their new vehicle it’s better than anything that you could ever imagine,” smiles Brad. “I’m giving away super cars to try to make dreams come true. It’s just who we are and what we’re about. It’s what my father instilled in me and my little brother when we were growing up.”
They say to be eligible for the car giveaway, you don’t have to own Carma Coin, you only have to register on the website.
They’ve already planned another big car giveaway in September.
They’ve also given roughly $200,000 to organizations and causes the team believes in.
“Mental Health America was definitely huge for me. I struggle with anxiety,” admits Brad.
“The moment with Carma Coin that resonates the most for me is calling my friend Matt — the one that got a working dog from Working Dogs for Vets — and letting him know we’re going to donate $25,000 to that organization, and he started crying on the phone because that’s the largest donation they’ve ever gotten,” recalls Scott.
To own Carma Coin, you have to have a wallet like Trust Wallet or MetaMask. Click here for a guide on how to buy Carma Coin.
There’s a 10 percent transaction fee for every buy or sell with Carma Coin. Three percent of that goes toward the car giveaways and charitable donations.
“There is no gimmick. This is who we are. Any person that knows me that’s what I do I give,” says Brad. “I find it amazing that what I am doing is so magical that it is literally unbelievable.”
“I get a lot of those you know ‘when you guys going to rug-pull us?’ ‘When you guys going to steal all of the liquidity?’ For one, we cannot steal the liquidity because it’s locked until May of 2023. So that means we can’t access it until then,” says Scott.
As their volume goes up and as they get more holders, they say that’s how they eventually make money.
To learn more about Carma Coin, click here.