TRiBL founder announces plan for a new Black Wall Street

August 24, 2021 - 10:10 AM

ATLANTA, GA (BAMM Network) — With the celebration of the 100th anniversary of the infamous Tusla Riots, Founder & CEO of TRiBL, Ikechi Nwabuisi, offers a daring vision of building a new Black Wall Street that will create generational wealth. He believes that with so many lessons learned 100 years after the destruction of the Greenwood community, now is the best time to put them to use and make a sustainable ecosystem for the Blacks all around the world. 

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Ikechi Nwabuisi is the founder and CEO of a messaging app for Pan-African e-commerce called TRiBL. Being an advocate of community building within the Black community, he voices out his vision of a new Black Wall Street in this age. Ever since the pandemic, it had certainly highlighted the tremendous racial wealth gaps in the country. For instance, studies show that Blacks are most likely to get hired in traditionally lower-paying jobs that prevent them from gaining the wealth they deserve despite the hours they put in for the job. This only gives them more motivation and a greater sense of urgency to take control of their own destinies as they continue to fight for social justice. 

“I can’t tell you how angry I am that this part of our nation’s history was hidden for so long,” Nwabuisi says. “More importantly, the seemingly sudden awareness about the success of those brave Black men and women-only validates the false narrative that lives in the media on why Black people can’t create wealth, leading us to approach the problem incorrectly.”

Here are the three key components of Nwabuisi's strategy: 

1. Leverage Black consumer buying power. The $1.4 trillion Black consumer buying power should be sued to create the new Black Wall Street. Embrace the Black excellence; the power of community; and, the importance of unity. In the year since the death of George Floyd, they found the need to create a blueprint for wealth creation within the communities. He points out that, according to BankGreenwood.com, a dollar circulates six hours in the Black community, 20 days in the Jewish community, and 30 days in the Asian community.

2. Promote and celebrate "Buy Black" initiatives. Nwabuisi mentioned that Blacks should have actual ownership and equity of businesses. This will give them the ability to create jobs through entrepreneurship and share resources crafted for Blacks, and by Blacks. 

3. Invest in technology. Lastly, he emphasized that there is a need to invest in technology to create social networks that will Blacks around the world have greater blockchain access. Community plus commerce plus technology will be the tools for Blacks to accumulate long-term wealth.

The new Black Wall Street needs a community that combines culture and group economics to help collectively accumulate wealth. It needs commerce where Blacks can spend money and those dollars circulate within the Black community worldwide so they can do business with other blacks – seamlessly.  They need technology, creating social networks for-us-buy-us and those that allow us to access the blockchain. These three elements – community plus commerce plus technology – are the tools for us to accumulate long-term wealth. Not fast money but the wealth that will stand the test of generations and be passed on from one to the next. 

“The new Black Wall Street empowers us to re-train our community with a community-first mentality that will significantly shift our behavior,” Nwabuisi says. With unprecedented access to information, knowledge, and economic power, Blacks have is the opportunity to take advantage of a global marketplace. And when they work together, they can ensure that money is circulating within their communities and create sustainable wealth for generations to come. 

About Ikechi Nwabuisi

Ikechi Nwabuisi, a Nigerian-American, is the founder and CEO of TRiBL, a Discord meets CashApp community messaging app for Pan-African commerce. It is an all-in-one crypto platform that pools money & streamlines commerce within Black communities across the U.S., Nigeria, & more. They have partnered with VISA and crypto firms like Circle Internet Financial & Paxos Brokerage Firm to enable the interoperable exchange of digital currencies worldwide.

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Photo Credit: TechStars Seattle 2019 Demo Day on GeekWire Website

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