The first cryptocurrency dedicated to the LGBT+ world was born in the Chueca district of Madrid, and will make its first appearance on New Year’s Eve, in about twenty local friends of this group. Maricoin was developed on the Algorand blockchain, as part of the Algorand Miami Accelerator acceleration program and can currently be used in factories in Barcelona, Ibiza and Maspalomas (Gran Canaria), as well as Madrid. One of the promoters, Juan Belmonte – better known as Juan por Dios for the name of the hairdressing chain he owns – argues in a video on Youtube that the coin will help people “who do not have the same rights”, referring to the situation in the community. LGBT+ in different parts of the world.
“We must be more united than ever and pay, use and negotiate with our currency: the maricoin”. Belmonte said “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 currency”, precisely to have the opportunity to “help other people who are this moment they do not have the same rights as us ”.
Economist Richard Florida has studied the effects of inclusion on the competitiveness of cities and the creation of a class of knowledge workers. He noted that when people move to cities, both in their native country and abroad, they look for those who are more open and tolerant. And an indicator of this condition is LGBT inclusion. In addition, cities where different populations and communities live are faster in innovation processes and in the development of the knowledge economy. So science, technology, advanced manufacturing, culture. Sectors that offer higher-paying jobs.
It is estimated that about 7.5% of the world population belongs to the LGBT+ group, and that the so-called “pink economy” – the purchasing power of this group – moves 5 billion dollars a year globally.
After the New Year’s pilot test, the intention is to make a single $ 250 million issue in maricoin in January 2022 (the equivalent is 50 maricoins for one euro). Following the dynamics of bitcoin, until the volume of demand is verified, no more units of this cryptocurrency will be issued. Its promoters predict that in the first quarter of 2022 Maricoin will start trading on the main exchanges that support Algorand. There is already a waiting list to get Maricoin before the currency goes public. “At the next Gay Pride in Madrid, the acceptance that maricoin is having will be verified. One of the goals of the Maricoin promoters is to help raise funds for the celebration of Gay Pride in about twenty cities around the world over the next year.
For its launch, the currency will be based on the law of supply / demand, it does not have a reference value to which it is anchored like the euro or the dollar, similar to stablecoins. Time will tell if it will be successful in a market where there is more and more competition and each social group aspires to have their own cryptocurrency.