The Lillian Bay Foundation was first established with the basic idea of helping families who couldn't afford expensive medical bills in mind and has since grown into an organization focused on helping children and their families through existential medical crises.
Brad Beatty founded the organization after his daughter Lillian Bay Beatty was born with lymphangioma. After several procedures and surgeries, Beatty saw the insufficient care being provided and decided it was time to change the system.
The organization's goal is to assist children with high-risk vascular malformations, raise awareness of mental health's importance and elevate equitable education models nationally.
This mission is what drew Luis Figueroa to the organization and into the executive director role for the company back in 2018.
"Mental health in our communities — specifically communities of color — is a taboo conversation, especially for men," Figueroa said. "Because, in our household, we didn't hear that we needed to go see a therapist — that was seen as weakness and your overall character development. So that's where the drive to help these kids comes from, who are now dealing with more mental problems in terms of social media, cyberbullying and in-person challenges."
The St. Petersburg-based organization is split into two separate entities, with the Lillian Bay Foundation handling the philanthropic side while Lillian Finance controls the cryptocurrency portion of the company. The two work together to reduce medical bills for families within the community.
Figueroa said the foundation is unique in that 1% of all sales and buys from the Lillian token are contributed to the foundation.
The cost to own 100 billion Ly Tokens is currently around $30. The only way to purchase the coin is by using different swaps, such as Bitmart or Shiba Swap, until the company is listed on more prominent exchanges.
The medical blockchain utilizes the diversity of cryptocurrency platforms to create wealth for families who couldn't previously afford procedures.
The tokenomics breakdown into this:
- There is a ten percent buy/sell "tax" where three percent provides reflections for token holders.
- Two percent of this is "burned" making the token deflationary, while one percent goes to the liquidity pool.
- Three percent is for operational expenses, including overhead and marketing and one percent is directly funded into the foundation.
Barney Wiker, CTO of the foundation, says the strategy has been a big reason why the token has grown nearly two hundred percent during a bear market.
"When people hear our story and what we are doing and see the use case successes, they want to be a part of saving lives," Wiker said, adding they have raised enough to both operate the business and fully fund four operations.
The company is has 10 employees who are currently working remotely and according to Figueroa, the business plans to expand by hiring 10 to 15 additional employees in the upcoming year.
