New LGBT token aims for equity but raises red flags with community

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The cryptocurrency community has raised concerns over Maricoin, a new token allegedly linked to the LGBT + community, with some even suspecting the project to be a scam.

Launched in December 2021, Maricoin promises to enable a “social, ethical, transparent and transversal means of payment” targeting the global “pink economy”, which is estimated at trillions of dollars.

One can wonder about the ethics of Maricoin, because its name is a coat rack which rooms on a Spanish insult to homosexuals.

According to the project’s website, Maricoin runs on the Algorand blockchain, with the creators planning to list the token on multiple crypto exchanges in 2022.

The project was reportedly founded in Madrid by local hairstylist and entrepreneur Juan Belmonte, who said the new token is designed to help the community profit by providing a new form of payment for LGBT businesses around the world.

According to CEO Francisco Alvarez, up to 8,000 people were already on a waiting list to buy Maricoin in early January.

Although the token is widely touted as the “first coin created by and for the LGBT + community” on many mainstream media channels, Maricoin is not quite the first cryptocurrency project linked to the LGBT + community. As previously reported by Cointelegraph, there are a number of LGBT-related tokens and initiatives, including the LGBT token, which launched in 2018.

Several industry observers have expressed skepticism about Maricoin, with some even alleging that the initiative could be a scam.

“It’s not a coin, it’s a token, clearly a scam to catch fools who want to make easy money with crypto. Their website is poorly made, lousy, and doesn’t have a single technical line on how this crypto works. Not a single white paper and their waitlist form is a fucking Google document, ”a Redditor said.

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Justin Ehrenhofer, vice president of operations for the Cake Wallet crypto wallet service, said: “It sounds 100% like a scam.” He noted that the Reuters article on Maricoin did not include much skepticism about the project:

Maricoin did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending further information.