Andrew Yang, an ex-candidate for the president of U.S. and supporter of cryptocurrency, is working on a new initiative that would use crypto to reward volunteerism.
According to a new filing registered with the US Securities and Exchange Commission, Yang and Zach Graumann — Yang’s former presidential campaign manager — are appointed as directors and executive officers of a new company Samarity Inc.
Samarity is stated in a trademark filing to promote “the charities of others by means of the issuance, custody, and settlement of cryptocurrency to volunteers in exchange for participation in charitable service.”
The SEC filing further wrote that Samarity had raised $1 million from an equity offering with a $1.5 million target. Options, warrants, or other rights to purchase another security are also included in the offering. The offering’s sales started on August 25 and a single investor has contributed all of the funds raised so far. Samarity lists Graumann as its chief executive officer.
Yang made an unsuccessful attempt for mayor of New York City last year in addition to running as the Democratic Party’s presidential contender in the 2020 election. Prior to managing Yang’s presidential campaign, Graumann was the client philanthropy director at UBS Wealth Management.
When Yang worked as an advisor for SuitUp, a Graumann-founded charity that links corporations to schools for volunteer opportunities, both Yang and Graumann eventually got to know each other.
Yang launched a decentralized autonomous organization (DAO) — that promotes Web3 policies — called Lobby3 in Washington, D.C. during early-2022.