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

The cryptocurrency group has raised considerations about Maricoin, a brand new token supposedly associated to the LGBT+ group, with some folks even suspecting the challenge to be a rip-off.

Launched in December 2021, Maricoin guarantees to allow a “social, moral, clear and transversal technique of cost” concentrating on the worldwide “pink financial system,” which is estimated to quantity to trillions of {dollars}.

One would possibly query Maricoin’s ethics although, as its identify is a portmanteau that plays on a Spanish slur for homosexuals.

In response to the challenge’s web site, Maricoin runs on the Algorand blockchain, with creators planning to listing the token on a number of crypto exchanges in 2022.

The challenge was reportedly based in Madrid by native hairdresser and entrepreneur Juan Belmonte, who stated that the brand new token is designed to assist the group revenue by offering a brand new cost methodology for LGBT-friendly companies worldwide.

In response to CEO Francisco Alvarez, as many as 8,000 folks have been already on a ready listing to purchase Maricoin as of early January.

Regardless of the token being broadly promoted because the “first coin created by and for the LGBT+ group” on many mainstream media channels, Maricoin just isn’t fairly the primary cryptocurrency challenge associated to the LGBT+ group. As beforehand reported by Cointelegraph, there are a variety of LGBT-related tokens and initiatives, together with the LGBT token, which was launched again in 2018.

A number of business observers have expressed skepticism over Maricoin, with some even alleging that the initiative might be a rip-off.

“It’s not a coin, it’s a token, clearly a rip-off to catch fools who wish to make simple cash with crypto. Their web site is poorly made, ugly and doesn’t have a single tech line about how this crypto will work. Not a single whitepaper and their waiting-list kind is a rattling Google Doc,” one Redditor argued.

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Justin Ehrenhofer, vice chairman of operations at crypto pockets service Cake Pockets, stated, “This 100% looks like a rip-off.”  He famous that the Reuters article on Maricoin didn’t embody a lot skepticism on the challenge: 

Maricoin didn’t instantly reply to Cointelegraph’s request for remark. This text will likely be up to date pending any new info.