Hill Harper launches The Black Wall Street platform aimed at empowering investors of color

John Michael's Muse
Joined
Mar 19, 2020
Messages
1,632
Reactions
13,232 333 25
Alleybux
3,462
Hill Harper attends the Netflix Golden Globe Weekend Cocktail Party at Cecconi's Restaurant on January 04, 2020 in Los Angeles, California.

Hill Harper attends the Netflix Golden Globe Weekend Cocktail Party at Cecconi’s Restaurant on Jan. 4, 2020, in Los Angeles, California.



Nearly a century after Black Wall Street — a center of Black business in the Greenwood district of Tulsa, Oklahoma, that was destroyed in a racial attack — “The Good Doctor” actor Hill Harper is launching a fintech app of the same name to empower investors of color.

The Black Wall Street app goes live on June 1 and will offer a digital wallet for peer-to-peer payment and the ability to trade cryptocurrencies like bitcoin and ether.

“What the Black Wall Street was in Tulsa and the Greenwood district is just very empowering,” Harper told CNBC about the once thriving Black business district.

“There were three pillars that created the wealth that was created in the Black Wall Street [in Tulsa],” he said, with the first two being institutional ownership and institutional trust by the community. “Pillar number three was the movement of money or capital within the ecosystem where dollars changed hands 60 to 100 times within a year before it left that Black community.”

Harper, who plays Dr. Marcus Andrews on the ABC medical show, said that dollars now leave the Black community within about seven hours. “I truly believe that unless we start owning our own fintech platforms, our own digital wallets, the dollar will leave within six to seven seconds.” said Harper, who also played Dr. Sheldon Hawkes on CBS’ “CSI: NY.”

The goal of The Black Wall Street app is to give Black and Latinx investors a gateway into the digital transformation of investing and provide financial education to customers on cryptocurrency.

Harper, a Harvard Law School graduate, said he began working with Black web developers last year before the Covid pandemic to build the app, which aims to capitalize on mobile device trends in communities of color.

According to a 2019 report from Pew Research Center, 23% of Black Americans and 25% of Latinx Americans are “smart phone only” internet users compared with 12% of white Americans. The Pew study also showed Black Americans use a smartphone for mobile banking more than any other group.

Harper said he’s hoping to attract “unbanked” consumers and more sophisticated investors looking for a Black-owned site for cryptocurrency purchasing. “It’s not just about transferring money to folks, it’s about transferring information, ideas, and building community, and we see that that is the real value and the real differentiator.”


Najah Roberts, a cryptocurrency expert and owner of Crypto Blockchain Plug — a brick-and-mortar location in Inglewood, California, for cryptocurrency education and purchasing — will serve as the chief visionary officer for the app. As part of the launch, The Black Wall Street is planning a 30-city financial literacy tour that begins on April 30 in Los Angeles, with stops in Tulsa on May 31, a century since the original Black Wall Street was destroyed in a riot by white residents. Roberts will lead the tour and give fractional bitcoin shares to people who sign up.

The Black Wall Street offering enters a growing industry of fintech apps that allow peer-to-peer transfers including Square’s Cash App from PayPal’s Venmo. Visa estimates there is $4 trillion market for apps that replace the use of cash and checks in the United States. Rapper Killer Mike also launched this year the Greenwood app, another digital platform for investors of color.

On The Black Wall Street app, Harper said, “We have to encourage Black ownership and that’s what we want to do on the platform. We’re starting with a digital wallet and the ability to start to learn financial literacy, create a community, and allow people to invest.”

“But the ultimate goal is to create a whole ecosystem, and eventually a marketplace where the recirculation, the circulation of dollars through this digital wallet, allows job creation, business creation and job growth,” he said.



 
John Michael's Muse
Joined
Mar 19, 2020
Messages
1,632
Reactions
13,232 333 25
Alleybux
3,462
So to create another Black Wall Street it can't be just for black people, it has to be for "people of color"??
I re-read the article. All of Hill Harper's quotes are about black folks. The people of color and Latinx comments are from the article writer.

I wonder if the writer broadened the app's scope assuming it will be for all POC or if they summarized what Harper said without quoting him?

It doesn't matter to me either way but you raise an interesting point.

Edited to correct a typo.
 
Last edited:
Team Owner
Joined
Sep 1, 2014
Messages
18,783
Reactions
90,800 3,200 4,253
Alleybux
698
I re-read the article. All of Hill Harper's quotes are about the black folks. The people of color and Latinx comments are from the article writer.

I wonder if the writer broadened the app's scope assuming it will be for all POC or if they summarized what Harper said without quoting him?

It doesn't matter to me either way but you raise an interesting point.
I'm starting to hear "black and brown" more and more these days when things are being discussed and when black people are trying to get some justice of some sort. I'm not sure if I hear brown people advocate for black people in the same way....especially elected officials.
 
John Michael's Muse
Joined
Mar 19, 2020
Messages
1,632
Reactions
13,232 333 25
Alleybux
3,462
I'm starting to hear "black and brown" more and more these days when things are being discussed and when black people are trying to get some justice of some sort. I'm not sure if I hear brown people advocate for black people in the same way....especially elected officials.
After reading Our Black Year, I know the difficulties black businesses can have with getting us to support their products.

If the creators of Black Wall Street need to open it up to other communities of color to keep it afloat while they build their base of black users, cool.

Get Black Wall Street off the ground and have it succeed. That way more of us can participate and benefit from it.
 
The Obnoxious Gentleman
Joined
Mar 26, 2019
Messages
7,429
Reactions
114,256 2,590 297
Alleybux
1,100,473
Thanks for the article. I tend to believe the "people of color" label is only a matter of formality. Black People will be the focal point, but it's not exactly closed off from others. We know how quick people are to turn the racism towards us when certain programs focus on Black People only.
 

Television Alley

Ask LSA

General Alley

Recent Posts

Leslie Jones looking the best I ever seen her, femininity does work for all types of darker women
Leslie is very pretty. The problem I usually have is how she styles her hair. Its really nice here. And before the "I have a perfect hourglass...
So Vanessa Bryant lied after all (who’s surprised?)
You’re a damn lie. She got pregnant as a minor. She was not 21. You are always missing the point and throwing statements hoping the stick. People...
My Jazzy Life
She said this was unexpected and she was on birth control. She thinks the Lipo shots and depression meds cancelled out her birth control. I—...
The Henry Cavill Appreciation & (Former) Harem Meet-up Thread (Part 6)
Never understood why her not being in the uk with him all day every day had any bearing on anything. If she is in LA and he isn’t, that means...
Married to Medicine Season 8 Episode 11: Club Q-uarantine
Dr. Eugene is fat. I dont get how they made it a point to make this a plot point on the show a few years back yet he hasnt lost a pound. This is...
9-1-1: Lone Star Season 2 Thread
She needs to tell someone what happened. Right now she’s so numb and when she finally feels something it’s going to be devastating.
YouTuber/Small Business Owner - Prissy P?
I’m sure it is. All I gotta say is I can’t wait for the video Yes maam
Top Bottom