DeFi Brewer’s Alliance seems to unite Connecticut beer drinkers with crypto

In the middle of the summit, a group of crypto investors and beer enthusiasts in Connecticut came up with an idea to merge the local beer community with cryptocurrency. That idea became DeFi Brewer’s Alliance, a new group of local brewers that aims to revolutionize the cryptocurrency market with their own cryptocurrency token: the DBAT token.

“We came up with the idea in October last year when few of us as home brewers and also investing in digital currencies wanted to do something different and create our own token related to a physical product,” said Alex Zamachaj, one of the co-founders. from DeFi Brewer’s Alliance. “We saw that a majority of the digital coins and tokens had nothing tangible and concrete for people to see where their money went, and we wanted to change that.”

To understand how the brewery alliance works, it is important to understand what a DeFi is. According to the New York Times, DeFi is a short term for decentralized finance. It is an “internet-native financial system” that acts as a kind of bank or exchange for cryptocurrency. It also operates in other ways such as being a lending platform for cryptocurrency and offering options and derivatives.

Zamachaj compares the DBAT token to a “share”. Breweries and their customers will invest by purchasing a DBAT token, and in turn grow their crypto wallet. The token will be linked to “DeFi project-oriented breweries” brewed by local breweries in the alliance. At the moment, there is one beer that is brewed especially for DeFi: the reflections IPA. In addition, on a monthly basis, the alliance plans to let partners exchange unique recipes with each other.

Oxford’s Black Hog Brewing Company currently has a partnership with DeFi, but the alliance said it is looking to expand to one or two more Connecticut breweries as well as “small to medium-sized breweries across the country.”

According to the company, 45 percent of sales from the beers go back to buying back and “burning” the DBAT token, which in turn increases the value. Another 5 percent of sales go to charity. There are a total of 6,153,420,000,000 tokens available, symbolizing the amount of beer brewed globally, in ounces, by 2020.

Advance sales will be limited for DBAT tokens and will be released at a future date.

In recent months, the cryptocurrency has faced significant setbacks in the market has begun to fall. Bitcoin, which reached a record high of $ 68,789.63 in November, has fallen about 70 percent. Other cryptocurrencies have also suffered a similar fate.

Despite this, the team at DeFi is confident that their model is still lucrative while providing minimal risk to investors.

“We believe that with our model of taking 45 percent of our profits from beer sales and putting it into the token, we can create a stronger base for investors to trust and minimize risk. Our beer has been very well received so far and with “Increased volume, we will see increased profits and be able to put more money back in the token,” said Zamachaj. “We do not think the market will stay down forever, but we think it is nearing the bottom, and now is the time to build our base for tokens and beer, and when the market recovers, we will be ready for it.”

Regarding the future of the alliance, the goal is to have 24 breweries in 24 states that will participate in the alliance by the end of the first year. At the end of its third year, the alliance hopes to have a mursal open for alliance beer exclusively.

“They complement each other because both digital currencies and beer know no bounds, they are truly global products that have the ability to reach and attract people all over the world,” said Zamachaj.