Since their launch on May 29, the organization says it has meted out nearly $200,000 to charity and given away about $600,000 worth of supercars to winners.
Their “Be Magical” fund is what a normal crypto would distribute to its founders. But since the Carma Coin team doesn’t make money off the crypto, those funds go to charity and giving away supercars.
When you buy a crypto token, there’s a 10% fee associated with it, and 3% of that is going to the “Be Magical” fund.
“It was just a way for us to give back,” Brad Butcher said. “More than anything it was just a philanthropic idea.”
Many people haven’t believed they are giving away all the money that they are, he said.
“I think people are just suspicious at this point, although it’s awesome to me,” Brad Butcher said. “People are like, aren’t you mad about that and like, no. What we’re doing is so cool, it is literally unbelievable.”
The Dayton Daily News confirmed with six of the eight charities Carma Coin donated to as of July that the donations were received. Carma Coin showed the Dayton Daily News receipts of the remaining two donations. The newspaper also spoke with three Americans, two who live in the greater Dayton region, who said they received supercars from the crypto company. Most of the remainder of the vehicles had yet to be handed off, Brad Butcher said.
Brad Butcher, who currently lives in Yellow Springs and grew up in Fairborn, said he and his brother David started investing in cryptocurrency a few years ago. They made some money off it, but also figured out many cryptocurrencies lose money.
The brothers decided they would try to make a coin that didn’t make many of those same mistakes but had a philanthropic bent.
Scott Morin, the chief operating officer for Carma Coin, said it was more difficult for them to get into some crypto spaces because the three of them are not insiders. Even though the sales were breaking records, he said it was still more difficult for them to break in at the beginning.
“Now that we’ve accomplished a lot of those milestones, we’re here, we’re in the space,” Morin said.
The token has been available since late May. Brad Butcher said he was surprised at how quickly it took off, but the team has high hopes for the long term. They were in talks with some restaurants to accept their crypto there and have plans to get car dealerships to accept the tokens, he said.
Brad Butcher said he believes crypto will become a more common currency over time.
“People want something new,” he said.
David Butcher also owns Flyby BBQ in Beavercreek.