The crypto community has raised concerns about MariCoin (MCOIN), a new token allegedly linked to the LGBTQ + community, with some even suspecting the project is a scam.

Launched in December 2021, MariCoin promises to provide “social, ethical, transparent and inclusive payment methods” targeting the global “pink economy” valued at trillions of dollars.

However, one can question the ethics of MariCoin, as the name is a bag that plays on Spanish anti-gay libel.

According to the project’s website, MariCoin is working on the Algorand blockchain, and the creators plan to list the token on multiple crypto exchanges in 2022.

The project was reportedly founded in Madrid by local hairdresser and entrepreneur Juan Belmonte, who said the new token aims to help the community make money by offering a new payment method for LGBT-friendly businesses around the world.

Since the beginning of January, 8,000 people have already queued up to buy MariCoin, according to CEO Francisco Alvarez.

Although the token is widely advertised as “the first coin created by and for the LGBT + community” on many shared media channels, MariCoin is not the first crypto project associated with the LGBT + community. As Cointelegraph previously reported, there are a number of LGBT-related tokens and initiatives, including the LGBT token, which was launched back in 2018.

Several industry watchers have expressed doubts about MariCoin, with some even claiming the initiative could be a scam.

“This is not a coin, it is a token and it is clearly a scam to catch fools who want to make money easily with cryptocurrency. Their website is poorly done, ugly and lacks a single technical line on how this cryptocurrency works. ” “White paper” and “Queue form” is a damn Google document, “- said one of the Redditor.

Source: CoinTelegraph