Hornet Launches New Foundation And Announces ICO To Benefit LGBT Community

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LGBT Foundation

Gay dating and social networking app Hornet ushered in 2018 in grand style, launching a not-for-profit organization and plans for an Initial Coin Offering (ICO) in the first quarter of the year.

The LGBT Foundation aims to harness the potential of technological innovations like blockchain for the good of lesbian, gay, bisexual, and transgender individuals around the world. Through its initiatives, the Foundation will empower the LGBT community to exert its economic influence, protect vulnerable community members, encourage greater acceptance, and drive positive social change on a global scale.

Resources from the LGBT Foundation will be allocated on an ongoing basis to actively support members of the LGBT community in instances where they are vulnerable, distressed, or suffering from repression or inequality – this could include financial assistance to support political activism as well as logistical and operational support, depending on the particular requirements.

Christof Wittig, founder and CEO of Hornet, said: “The LGBT Foundation will tokenize the Pink Dollar so that the LGBT community can play an even greater role in shaping its destiny in countries across the world. By harnessing the Community’s economic might, the Foundation and its members can accelerate the efforts of local communities, organizations, and individuals in their quest for equal rights and acceptance in society.”

The Pink Economy is a powerful force that has yet to reach its full potential. The LGBT community could account for up to $4.6 trillion as a percentage of global GDP per capita - to put that into context, if it were a country, the community would rank higher than Germany as the world’s fourth biggest economy.

The LGBT Foundation will launch the LGBT Token, a global cryptocurrency that can be used by anyone in the LGBT community, to maximize the potential of the Pink Economy and to help community members protect their identities in all transactions using blockchain technology. The Foundation will also launch a charity initiative, LGBT Impact.

A portion of the Tokens released will be set aside to fund projects through LGBT Impact each year. Token holders will be able to suggest and vote on projects for funding, with the number of individual votes being equal to the number of Tokens a person holds. The Foundation will determine the results of the voting and distribute funding among the candidates in accordance with the number of votes received.

Depending on the exchange rate, the Foundation estimates the Token’s funding power could reach US$10,000,000 or more in annuities, making it effectively the largest dedicated LGBT fund in the world.

Hornet has pledged to be the first business to adopt the LGBT Token, instantly introducing millions of members to the cryptocurrency community. Other launch partners with large, pre-existing user bases will follow. The LGBT Foundation’s (ICO) will take place sometime in the first quarter of 2018.