MercoPress. South Atlantic News Agency

First cryptocurrency for LGTBI + community launched in Spain

The gay community is informally the fourth largest economy in the world

Spanish traders have announced “Maricoin,” the new cryptocurrency created by and for the LGTBI + community, will be launched on Christmas Eve in Madrid. The new money will be accepted as of Dec. 31 throughout 25 gay-friendly businesses throughout Spain after the pilot test this coming Friday, Dec. 24.

There is a waiting list to get this cryptocurrency, it was reported. Collectively, the so-called “pink economy,” is worth US $ 5 billion annually.

Maricoin will join the list of more than 1,500 cryptocurrencies circulating worldwide. This particular brand was born in the Madrid neighborhood of Chueca and can be used in Barcelona, Ibiza, Maspalomas as well as Chueca, although it plans to expand globally, hoping to be welcome by the 7.5% of the world population believed to belongs to the LGTBI+.

This currency has been developed through Algorand technology, which makes it a part of the Algorand Miami Accelerator program alongside nine other projects. The maricoin, in addition, can receive part of a million dollars in a public round to which the projects of the American accelerator access.

Maricoin was designed to help the group Protectores gathered in Madrid to support the transgender community, coinciding with the International Day of LGTBI Pride, under the motto “Nor Designated Sex Nor Gender Proven.”

The developers of Maricoin believe that during the first quarter of 2022 it will start trading on the main exchanges that support Algorand. The big goal is to get into Binance, the world's largest exchange. In Spain, it is negotiating with Bit2Me and 2gether while agreements have already been closed with bitfy and Yieldly, leaders of the exchange market in Brazil and Australia, respectively.

During the January of 2022, US $ 250 million worth of Maricoins will be issued.

Hairdresser Juan Belmonte is the man behind this novel cryptocurrency, for which “there is already a waiting list to obtain premium maricoins before the currency is listed.” Belmonte trusts Maricoin will be a unifying cryptocurrency: “Our own currency will unify us, it will give us power in this globalized capitalist world. We can help others. people who at this moment do not have the same rights as us… Therefore, we need to be more united than ever and pay, use and transact with our own currency.”

Maricoin CEO Francisco Álvarez Cano believes this new cryptocurrency is not only unique because “it is the first cryptocurrency created by and for the LGTBI collective” but also because it “will have value as a means of payment for any transaction at the same time as it becomes a tradable asset.”

Álvarez Cano, who is also CEO of Startify, considers Maricoin will help stop persecution against homosexuals worldwide, something that is considered to still happen in 69 countries. In eleven of them, homosexual relations are punishable by death.

“According to the latest studies in economics magazines, if the gay community were a country it would be the fourth largest economy in the world. It is time to have our own currency,” Belmonte also explained.

Until the volume of demand has been verified, no more units of this cryptocurrency will be issued, the developers have explained.