"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." Harper said he's hoping to attract "unbanked" consumers and more sophisticated investors looking for a Black-owned site for cryptocurrency purchasing. The Pew study also showed Black Americans use a smartphone for mobile banking more than any other group.
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.Īccording 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 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. "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. Marcus Andrews on the ABC medical show, said that dollars now leave the Black community within about seven hours.
"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."
"There were three pillars that created the wealth that was created in the Black Wall Street ," he said, with the first two being institutional ownership and institutional trust by the community. "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.
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