The five-month-old competitor to Govcoin is attempting to spread its brand in the capital by staging events at what’s arguably the biggest arena in the city. While Govcoin has lagged behind in fundraising compared to Govcoin-funded charities, it raised $19 million last year through Kickstarter for a non-profit that allows users to donate funds without owning a coin, and now its rivals are following suit.
Over the summer, MyPotato became the first product launched by the new Diamond Coin, which was a particularly popular fundraiser this past summer. I wore a boxman tag in DC, and like any non-profit with a fundraising season, I started trying to squeeze in another fundraiser as a form of bonus karma. With Potatoes, I had a fundraising option called Potatoes4Patriots, which used the Facebook app Potatogs to raise a bunch of money for the same campaign as Potatoes4Patriots. Then, once Diamond Coin appeared, we noticed that there was a tip jar at shows with the name Diamond Coin.
Around this time, I got in touch with Andrew Bell, the COO of Diamond Coin. Bell explained that when a person goes to a live performance at the Verizon Center, all of the proceeds go to supporting the Diamond Coin Foundation, the non-profit formed by Govcoin in 2017. Bell says the idea is that giving money to the Diamond Coin Foundation ensures the dollar goes directly to a charity. The official Diamond Coin Foundation charity page lists the three non-profits it was supporting last year (including DC, Fisher House and even DC Sen. Chris Van Hollen, who used the nonprofit’s services as a fundraiser).
Bell is the founder of and CEO of Diamond Coin, and while the two other coins — Govcoin and DemCoin — were first launched as a platform for users to sell their spare coin reserves to other customers, Bell wanted to be an actual barter currency. To make it so Diamond Coin could be used at live events and venues, he also created a waiting list for “high quality venues” who accept Diamond Coin as payment. This means that what will be a wedding at the Verizon Center this summer becomes a fundraiser for the Diamond Coin Foundation and is therefore actually actually good for the Bride and Groom.
I called up PR person Jordy Yang (known as Jordy’s Midgets in DC and LoudonVilla.com), who told me Diamond Coin had booked two large shows at the Verizon Center in the coming months. I checked whether Diamond Coin had also purchased its name and numismatic credentials for the arena, and the answer is yes. This means that Diamond Coin becomes the official vendor for the iconic Verizon Center for the next five years.
This is completely crazy! I can’t wait to get my ears and digital camera out and bring people to a Diamond Coin event. What a slam dunk this will be! Here’s to every Diamond Coin event happening at the Verizon Center for the next 5 years! What happens in the District, stays in the District, right? pic.twitter.com/A0Mh6L89z6 — J.Yang (@jyang) January 4, 2019
Not to mention that Diamond Coin has also purchased naming rights for the Verizon Center Club Level and The Diamond Ballroom (two ballrooms on the top floors of the Verizon Center and below). That means Diamond Coin doesn’t need to use this to any additional fundraisers this year. They’re just looking forward to being seen at those Verizon Center shows, where they’ll be able to take pictures in the intimate digs and share the experience with Diamond Coin fans worldwide.