Mike Costache appointed as new President of Karma, the World's First Decentralized Smart Community Network

LOS ANGELES, Oct. 10, 2017 /PRNewswire/ -- Karma, a blockchain technology company developing the Karma Protocol and Karma International Token (KIT) to empower membership-based communities, today announced the appointment of Mike Costache as its new President. As a founding member of Karma since its inception in 2005, Mike served as Director of Global Expansion from 2012 to 2016.

Mike never liked being put in a box, so he spent the last 20 years as an entrepreneur, investment banker, author, professor, speaker, angel investor and fundraiser for various charities. Mike is a Managing Partner at KrowdMentor, a strategic investment and advisory firm empowering blockchain startups, funds and entrepreneurs to reach their funding and liquidity goals. Mike is also the founder of the Blockchain Investors Consortium (BIC) and serves on the Advisory Board of Token-as-a-Service (TaaS), the first-ever tokenized closed-end fund dedicated to investments in blockchain assets.

Established in 2005, Karma as a membership-driven company, began with the mission of connecting exceptional, inspirational individuals socially and professionally through high profile experiential events, business networking and social gatherings.  In the past twelve years, Karma has enjoyed revenues of $32 million (membership fees, sponsorship, and tickets) and built nine membership chapters to include Los Angeles, Miami, Las Vegas, Orange County, San Diego, San Francisco, Houston, Bucharest, and Kyiv. Additionally, Karma has produced over 374 experiential events all over the world to their community of 65,000 people from private yacht socials to red carpet events to include Maxim Hot 100, Maxim at the Big Game and Maxim Halloween, each of which produces over 2 billion impressions with their mainstream media coverage. Over the past three years, Karma has built an advanced membership technology platform to allow scalability of its model membership organization worldwide.

"I had the pleasure of meeting Mike twenty years ago when he was a student at a business academy I was speaking at. Over the years, we worked on numerous projects, and he always impressed me with his tenacity to achieve greatness while always paying it forward for many others to benefit from his efforts," said Dylan Marer, Chairman & CEO of Karma. "With Mike Costache as our new President of Karma, I look forward to offering the world the first decentralized Smart Community Network. "

In the era of decentralization, Karma's has added to its mission is to provide its Protocol to empower membership-based communities around the world, including:

1. Physical membership organizations (golf clubs, social clubs, etc.)
2. Virtual membership organizations (university alumni chapters, business networking organizations, etc.)
3. Non-profit organizations, which lack the operational backbone (CRM, ERP, BI, etc.) to raise funds from their donor base transparently.

The blockchain capabilities and, more specifically, the Karma International Token (KIT) lay at the foundation of these efforts, allowing all organizations to launch, manage, build and operate on the Karma Community Network (KCN) and ensure thriving and sustainable ecosystem with all the customizable modules and support necessary.

"I'm humbled to accept the new role of President and be a driving force in our vision to become a core provider of high-quality, effective technology to empower communities of all shapes and sizes, without borders around the world to scale and reach new heights while providing support and incentives along the way," said Mike Costache, President of Karma.

SOURCE Karma International