Posted inNews

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

January 5, 2022No Comments


The crypto community has raised concerns about Maricoin, a new token supposedly related to the LGBT + community, with some people even suspecting that the project is a scam.

Released in December 2021, Maricoin promises Allow a "social, ethical, transparent and transversal means of payment" aimed at the global "pink economy", which is Estimate to amount to trillions of dollars.

However, one could question the ethics of Maricoin, as his name is an acronym that theater plays in an insult in Spanish for homosexuals.

According to the project website, Maricoin runs on the Algorand blockchain, and the creators plan to list the token on various crypto exchanges in 2022.

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

According to CEO Francisco รlvarez, at the beginning of January there were already up to 8,000 people on the waiting list to buy Maricoin.

Despite the token being widely touted as the "first coin created by and for the LGBT + community" on many mainstream media channels, Maricoin is not the first cryptocurrency project related to the LGBT + community. As Cointelegraph previously reported, there are a number of LGBT-related tokens and initiatives, including the LGBT token, which was thrown out in 2018.

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

โ€œIt is not a coin, it is a token, clearly a scam to catch the suckers who want to make easy money with cryptocurrencies. Their website is poorly made, it's ugly, and they don't have a single tech line on how this crypto will work. Not a single whitepaper and their waitlist form is a goddamn Google doc, "said one Redditor argument.

Related: Beware of fancy scams and carpet pulls as bullies target crypto users

Justin Ehrenhofer, vice president of operations for cryptocurrency service Cake Wallet, said: "This 100% feels 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 new information.