(PYMNTS) A homegrown currency known as “BeanCoin” is out to help bars in the New Orleans at a time when city officials have closed the establishments for Mardi Gras, Bloomberg reported.
Krewe of Red Beans, a local organization, rolled out a crowded-funded effort this week, which will provide funds to bars in New Orleans so they can remain in business during the citywide closures. Even though the vehicle is dubbed “BeanCoin,” Bloomberg notes that it is not a cryptocurrency as its value doesn’t change and it is not a digital currency.
“People recognize how precarious the situation is for bars,” Krewe of Red Beans Leader Devin De Wulf told Bloomberg. “These businesses, maybe they’ve hung on for a year, maybe they can survive for a bit. But we want to increase their chances and they need the money now.”
Backers can purchase a BeanCoin that is tantamount to a $10 bar tab at bars in the area. Bar patrons can use their value beginning in 2022. However, bars don’t need to wait for the funds, as half of the value is delivered at the present moment before the bar-goers.
Local companies will be chosen to get funds from BeanCoin based on a rubric, which the Krewe of Red Beans leader said seeks to provide resources to establishments that are thought of as community pillars like places where small-scale parades start or where Black music flourishes. Read the full story here.