The fundamental pursuit of most organizations and enterprises is profit. Profit is the extra value that’s available once all bills and short-term liabilities are paid. Without profit, an organization cannot pay its bills, cannot remain solvent, and cannot stay in operation. Organizations within the cryptocurrency sector face those same realities in the pursuit of profit.
According to Crunchbase, there are 4,439 crypto-organizations around the world. Only 95 of those organizations are registered as not-for-profit entities – most of which are foundations that support the white papers and development parameters of various blockchains, coins, tokens, etc. While there are many companies not making a profit, there are only 2% of all crypto-orgs intentionally not making a profit.
One of the newest enterprises to claim that not-for-profit distinction is hi.
hi is a newly launched portal that has a heavy focus on educating users and creating a crypto community. In an exclusive interview with DailyCoin.com, hi co-founder, Sean Rach, talks about his organization’s mission.
We are a not-for-profit financial service. That means our members, people who buy our token, the hi dollar, become members and those members are the whole reason we exist. We are not out to make profits we want to help our members and grow membership value. That’s not something you normally hear,
Rach explained that in the past, members were the most important focus for organizations such as credit unions and mutual aid societies.
That member focus got lost along the way. The profit motive has taken over public companies, private companies, and even crypto companies. They’re talking a lot about how much profit they’re making, and that profit comes from you and me. Our approach is that our members come first. They are actually the ones who benefit from our services, by buying more of the token they get different tiers of membership and they get different benefits,
Member benefits include feeless banking, high-interest staking, and 100 currencies to buy, sell, or exchange.
He went on to explain that his top priority is building financial literacy among all users of the hi platform.
He also clarified that as a not-for-profit, his organization is not opposed to making money.
To be clear, when we say we’re not a non-profit, we’re not a charity. We will cover our costs from any revenue, but any excess that we create would go back into either making better rates for our members or giving additional membership benefits. Instead of being excited to say ‘hey, I made more profit off my customer,’ I’m actually looking at how can I give my members more value,
In addition, to its unique positioning as a not-for-profit entity, Rach says that the organization is uniquely committed to driving mass adoption of blockchain and decentralized finance by making it as simple as possible to join hi.
We can onboard simply and literally in two seconds using chat messengers. So currently we’re available on both Telegram and WhatsApp and we have a web app, which is at web.hi.com The last thing is that we do daily rewards, creating a positive experience for users. Creating a bit of fun each day, you need to say ‘Hi’ in the forum and you need to answer a fun question. Most of it is something that gives you a little bit of a smile in the morning, maybe something you’ll want to share with your friends,
They expect the bulk of hi’s growth will be through referrals among family and friends, adding a social dynamic to the cryptocurrency experience.
As a ‘hi’ user, you earn a daily reward in our crypto chat messengers – [Telegram and WhatsApp]. You can earn more rewards if you refer your friends. Which is, you get 50% of whatever your referral network, unlimited downstream, earns. So if I refer you, you get an amount, let’s call it right now it’s 2.5 hi Dollars, I get 1.25 and then as you refer people on I still get a little bit, a little bit, a little bit all the way out. And members are really starting to see that, and it’s starting to add up. So it’s been a lot of fun so far.
On The Flipside
- While hi promotes itself as a not-for-profit, it is not a charity. Rach says that anything above that amount will be returned to members in the form of enhanced benefits.
Watch the full interview here: