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Maricoin: The First Cryptocurrency for the LGBTQ+ Community

  • Digital currency Maricoin will be formally launched in Spain on the final day of the year and, in principle, will be used in some 25 commercial establishments, distributed in various cities across the country.
  • The project hopes to raise 1 million dollars in the short run, which will then be used to finance the celebrations of Gay Pride Day in 2022.

Maricoin, the first cryptocurrency created explicitly for the LGBTQ+ community, will begin operations on December 31st, 2021. The digital currency, created in Spain, seeks to empower the community and provide it new financial options.

Juan Belmonte, one of its promoters, hopes that the cryptocurrency will soon become one of “the main means of payment used by lesbians, gays, transsexuals, bisexuals, intersex, queer and other members.”

During the pilot plan, Maricoin will be able to be used in some 25 ‘LGBTQ+ friendly’ establishments, including bars, restaurants, beauty centers and bookstores in several Spanish cities such as Madrid, Barcelona, ​​Ibiza and Gran Canaria.

A Crypto to Fight Homophobia

The project was born in October 2021 and has since been commercialized and promoted by its creators. ‘Maricoin’ was developed to be non-profit, in collaboration with associations of the collective in the fight against homophobia.

The Maricoin was presented on December 24th in Chueca, the populous LGBTQ+ neighborhood of Madrid where the idea was first conceived.

“It would give us power in this globalized and capitalist world. We will be able to help people who at this moment do not have the same rights as we do,” beamed Belmonte, a marketer of aesthetic products.

“It will be a social, ethical, transparent and transversal means of payment with which you can operate in the main exchanges (cryptocurrency exchange platforms) and consume in your favorite establishments with discounts,” explained its developers and promoters.

Among the promoters of the community’s cryptocurrency is businessman and academic Francisco Álvarez Cano. According to Forbes magazine, Álvarez Cano managed to have the cryptocurrency accepted in the Algorand Miami Accelerator program, which supports startup projects.

On the Flipside

  • Although it is a non-profit project, its promoters hope to swiftly raise a million dollars.
  • The money raised will be used to finance the 2022 Gay Pride Day celebrations, which will be held in 20 capital cities around the world.

Why You Should Care

  • Spain is the European country with the largest non-heterosexual population. 6% of Spaniards claim to be bisexual, while 5% have declared themselves gay, and a further 1% pansexual.
  • La Maricoin, which is a compound from the words “marico,” meaning gay and “currency,” has great space through which it can make its way into the industry, if it does indeed turn out to be a serious project.

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