The new LGBTQI+ symbol is focusing on trying to uplift the community or is it really?
The cryptocurrency community has raised concerns about MariCoin (MCOIN), a new token believed to be linked to the LGBTQ+ community, and some even suspect the project is fraudulent. Launched in December 2021, MariCoin promises to enable a "social, ethical, transparent and transverse currency" targeting a trillion-dollar global "pink economy".
However, one can question MariCoin's ethics as its name is a briefcase playing with Spanish homophobic slurs. According to the project's website, MariCoin is working on the Algorand blockchain, with its creator planning to list the token on several crypto exchanges by 2022. The project was reportedly started in Madrid by local barber and entrepreneur Juan Belmonte, who said the new token would help the community make money by providing a new payment method for LGBT-friendly businesses around the world.
According to CEO Francisco Alvarez, about 8,000 people were on the waiting list to buy MariCoin in early January. Although the token is widely advertised on many major media channels as “the first coin created by and for the LGBT+ community,” MariCoin is not the first cryptocurrency project associated with the LGBT+ community. As previously reported, there are a number of LGBTQ-related tokens and initiatives, including the LGBT token launched in 2018.
Some industry watchers have been skeptical of MariCoin, with some even claiming the initiative may be a scam. “This is not a coin, it is a token, clearly a scam to catch stupid people who want to make easy money with cryptocurrencies. Your website is poorly made, ugly and there is no technology line on how this cryptocurrency will work. "There's no whitepaper and their waiting list form is a goddamn Google Doc," argued one Redditor. Justin Ehrenhofer, Vice President of Operations at crypto wallet service Cake Wallet, said, "It's 100% a scam." He noted that the Reuters article on MariCoin did not show much skepticism about the project.