Lamb of God singer Randy Blythe and DevilDriver frontman Dez Fafara have backed a new cryptocurrency called Chakra Coin.
While many bands have been dabbling in crypto via NFTs, Blythe and Fafara have gone a step further, investing in a brand-new cryptocurrency. According to a press release, the Chakra Coin was designed to “foster community and invest in charitable causes.”
It will be a fully community-owned “deflationary token,” which decreases in its market supply as time goes by and allows for passive income generation. This factor implies that users or the project’s team will participate in activities that reduce the coin’s supply on the blockchain (per Yahoo). Essentially, as the coin is purchased and traded, its value will increase, rendering profits that can put toward charitable causes.
The press release states that the Chakra Coin team “pledge to donate a portion of profits to various causes and hope to encourage the whole community to do the same.”
“I’m a believer in Chakra Coin,” stated Fafara, who also fronts Coal Chamber. “We started this venture to create a community of giving back and paying it forward. I will donate partial proceeds to multiple charity organizations. I hope that everyone who participates in Chakra Coin will do the same, creating a better world and a more cohesive existence for everyone involved.”
In more technical terms, the Chakra Coin combines “profitable yield generating DeFi and safe store-of-value, a gas-free cryptocurrency free from friction and borders” with a “disruptive aim” of helping “usher in a fairer economic standard of living.” As an outspoken activist, that is something Randy Blythe can get behind.
“The potential of blockchain technology, including DeFi and cryptocurrencies, to create a more equitable system of wealth distribution is extremely intriguing to me,” Blythe said. “It is my hope that being involved on the ground floor with a cryptocurrency community that holds a charitable component as one of its core tenants will be one small step towards creating a fairer, more altruistic economic system for everyone.”
Both Blythe and Fafara point out that they are not financial advisors, and encourage anyone interested in investing to do their own research or consult a financial expert before purchasing Chakra Coin or any cryptocurrency.
Concluded Fafara: “Dogecoin, Shiba Inu, Safemoon, and all of the stuff happening with cryptocurrencies is immensely exciting. My hope is that Chakra Coin will encourage others to share the wealth with the less fortunate.”
For more information on Chakra Coin, visit the official website.