YOUNGSTOWN, Ohio (WKBN) – A utility-based cryptocurrency startup that started in Youngstown is refunding its early investors after the crypto-currency market took a downturn.

FAAM Coin was still in its presale campaign, but due to unsuccessful funding goals, it will be issuing refunds.

“The team behind FAAM Coin had high hopes for the potential of their innovative utility token, which aimed to revolutionize the way people interact with digital currencies,” a press release stated.

FAAM Coin was community oriented and worked to help the community in more ways outside of crypto, by teaching students about financial literacy, donating to charitable causes, and serving under-represented communities.

“Due to the slowing of the crypto market and the fanfare for crypto taking a downswing, we weren’t able to hit our benchmark. Instead of launching the coin at a loss, our team has decided the best course of action would be to refund the current value of our early investors’ contributions. We will learn from this endeavor and promise to come back stronger than ever, with a new focus on our charitable aspect being the main focus while we continue to develop and improve our ability to implement the cryptocurrency in its best form,” said founder Lester Scott.

The refund process will begin immediately and is expected to be completed within the next 30 days. Investors will be contacted individually with specific instructions on how to claim their refunds.

The release states that the company remains committed to the development of innovative solutions within the blockchain space and that the team is dedicated to learning from this experience and will continue to work on projects that can positively impact the future of digital currencies.

For more information on FAAM Coin and the refund process, you can fill out an online form or contact the telegram group.