New LGBT token aims to achieve equity, but raises red flags for the community

Although the coin project has a questionable name it says it wants to create a “socially and ethical” payment system.
The cryptocurrency community has raised concerns about Maricoin, a new token supposedly related to the LGBT+ community, with some people 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 to amount to trillions of dollars.One might question Maricoin’s ethics though, as its name is a portmanteau that plays on a Spanish slur for homosexuals.According to the project’s website, Maricoin runs on the Algorand blockchain, with creators planning to list the token on several crypto exchanges in 2022.The project was reportedly founded in Madrid by local hairdresser and entrepreneur Juan Belmonte, who said that the new token is designed to help the community profit by providing a new payment method for LGBT-friendly businesses worldwide.According to CEO Francisco Alvarez, as many as 8,000 people were already on a waiting list to buy Maricoin as of early January.Despite the token being widely promoted as the “first coin created by and for the LGBT+ community” on many mainstream media channels, Maricoin is not quite the first cryptocurrency project related to the LGBT+ community. Cointelegraph previously reported that there are many LGBT-related tokens, initiatives, and tokens, including the LGBT token. Their website is poor-made, ugly, and doesn’t provide any technical information about how this crypto will work. Their website is poorly designed, ugly, and doesn’t have any tech lines about how this crypto will work. To indicate how much you would like to “invest” in MariCoin, you will need to FILL A GOOGLE FORM. This scam is still being published by @TRF @enriqueanarte. *Maybe* everyone involved is oblivious, but this appears to be a textbook scam 🙁 https://t.co/3TY4NfyDgQ pic.twitter.com/j1ZQaZea8G– Justin Ehrenhofer (@JEhrenhofer) January 4, 2022

Cointelegraph reached Maricoin for comment but did not receive a response immediately. This article will be updated as soon as there is more information.

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