This sounds like a marketing gimmick, but the founders of the first LGBT+ cryptocurrency stated that they hope to use the economic power of the community to “change the world.” maricoin launched a week-long pilot test on Friday, involving 10 companies in Chueca, the LGBT+ community in Madrid, Spain.

The goal of Maricoin’s supporters is to allow virtual currency to start trading early next year, paving the way for its use as a means of payment in LGBT-friendly businesses and events around the world.

“Since we are driving this economy, why shouldn’t our community profit from it instead of banks, insurance companies, or large companies that don’t usually help LGBT+ people?” 48-year-old co-founder Juan Belmont told Tang by phone Mori Reuters Foundation. Belmonte is a barber and entrepreneur. He said that the idea of ​​LGBT+ cryptocurrency came about when he participated in the Madrid Pride event with friends in July this year.

But he traced the origins of this project back to 2017, when the ultra-conservative organization HazteOir launched a campaign against transgender rights, sending a bus to travel across Spain with the words: “Boys have penises, girls have Vulva. Don’t be fooled.”

Spanish authorities quickly banned the conservative Christian group’s campaign activities, but Belmonte said it made him realize that he “must do something” to help use the economic influence of the LGBT+ community to fight homophobia. huge market
The global LGBT+ market is huge. Research by Swiss bank Credit Suisse shows that it will become the world’s fourth largest economy, second only to Japan, but ahead of Germany in terms of purchasing power.

A 2018 study conducted by Kantar Consulting and LGBT+ social network Hornet estimated that the purchasing power of the U.S. community alone reached US$1 trillion (about Rs 74,514 crore) in 2016-almost the same as African American or Hispanic consumers The purchasing power is flat.

Maricoin is backed by Borderless Capital, a Miami-based venture capital firm. Francisco Alvarez, the chief executive of the program, stated that 8,000 people were waiting to buy Maricoin before the currency began trading.

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