Maricoin, the very first cryptocurrency made exclusively for the LGBTQ+ community, recently made its debut on new year’s eve; and it’s a digital token striving to harness the community’s economic power to the cause of “changing the world”.
“Since we move this economy, why shouldn’t our community profit from it, instead of banks, insurance companies or big corporations that often don’t help LGBT+ people?” Co-founder Juan Belmonte said to Thomson Reuters Foundation, a London-based charitable arm of Thomson Reuters.
Maricoin backers are anticipating the digital currency to start trading early this year, for the token may very well turn into an acceptable means of payment in a number of LGBT-friendly businesses, including bars, restaurants, beauty centers and bookstores, along with other establishments that have signed an equality manifesto. In principle, it already has plans to be used in some 25 commercial establishments, distributed in various cities across the country of Spain.
The Crypto Battle Against Homophobia
Maricoin is a play on words extracted from a Spanish homophobic slur, and is developed as a means to empower the community by expanding its financial options. The idea of creating a crypto on such a theme may appear to just be a solid marketing stunt to many, but the brains behind this digital currency assure us that the revenue made through this token will be utilized for the benefit of the community.
Belmonte, a hairdresser and entrepreneur, remarked on the matter, “It would give us power in this globalized and capitalist world. We will be able to help people who at this moment do not have the same rights as we do.” As reported by Investing, this coin was presented on December 24th in Chueca, the populous LGBTQ+ neighborhood of Madrid, where the idea was first conceived.
With Maricoin being backed by Miami-based venture capital firm Borderless Capital, 8,000 people were said to already be on a waiting list for the crypto, seeking to buy these coins before the currency starts trading. The project for this digital token hopes to amass $1 million in the short run; this amount will purportedly be used to finance Gay Pride Day of 2022.