A new LGBT token aims at fairness, but hits the red flags with the community

The crypto community has raised concerns about MariCoin, a new token allegedly linked to the LGBT + community, and some people even suspect the project is a scam.

Started in December 2021, MariCoin promises to enable a “social, ethical, transparent and universal means of payment” targeting the global “pink economy” valued at trillions of dollars.

However, one could question the ethics of MariCoin as its name is an acronym that play with an insult in Spanish for homosexuals.

A new LGBT token aims at fairness, but hits the red flags with the community
A new LGBT token aims at fairness, but hits the red flags with the community

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

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

According to CEO Francisco Alvarez, At the beginning of January, up to 8,000 people were on the waiting list to buy MariCoin.

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 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 launched in 2018.

Several industry watchers have been skeptical of MariCoin, and some have even claimed the initiative could be a scam.

β€œIt’s not a currency, it’s a token, clearly a scam to catch the idiots who want to make easy money with cryptocurrencies. Their website is badly done, it’s ugly, and they don’t have a single line of technology about how this cryptocurrency works. One more whitepaper and your waiting list form is a fucking Google Doc “argued a Redditor.

Justin Ehrenhofer, vice president of operations at Cake Wallet cryptocurrency service, said, “This 100% feels like a scam.” He noted that the Reuters article on MariCoin didn’t contain much skepticism about the project:

This 100% feels like a scam. Do you need to FILL OUT A GOOGLE FORM to indicate how much you want to “invest” in “MariCoin”? However, @enriqueanarte @TRF posts this likely scam without much skepticism. * Maybe * not everyone involved knows, but this seems to be a manual scam πŸ™

MariCoin did not immediately respond to Cointelegraph’s request for comment. This article will be updated until new information is available.

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