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New year, new coins.
The first LGBTQ+ cryptocurrency launched for 2022. Cryptocurrency is an unregulated digital currency that has risen in popularity. On Friday, after a week-long pilot test in a popular LGBTQ+ neighborhood in Madrid, Spain, Maricoin has officially launched.
The name of the currency is a portmanteau that plays on a widely-known anti-gay slur. Transfers between maricoin users are to be called "trans" according to reports. But maricoin's founders hope that the success of the business will empower the community.
"Since we move this economy, why shouldn't our community profit from it, instead of banks, insurance companies or big corporations that often don't help LGBT+ people?" co-founder Juan Belmonte told the Thomson Reuters Foundation.
The founders hope that maricoin will be used as a payment option for LGBTQ+ businesses worldwide.. All that wish to use it must sign the "equality manifesto" which defends the rights of LGBTQ+ people and all minorities. Those who have signed will be put on a map that will be available for LGBTQ+ travelers.
"If they violate any of the points of our anti-discrimination manifesto, for example if they fire a pregnant woman because of her pregnancy, they will be expelled from maricoin," chief executive Francisco Alvarez told Thomson Reuters.
According to him 8,000 people were on a waiting list to use maricoin. It is backed by Borderless Capital, a Miami-based venture capital firm.
Some on social media are criticizing the name.
\u201cSo i haven't mentioned it sooner 'cause i thought it was a troll joke, but NO; we have a new "LGBT cryptocurrency" in Spain called "Maricoin", which is a wordplay on "Maricon" which means "Faggot"\n\nWe have a Faggotcoin, because apparently gays couldn't but bitcoin, i guess\u201d— Kukuruyo \ud83c\udff3\ufe0f\u200d\u26a7\ufe0f \ud83c\udff3\ufe0f\u200d\ud83c\udf08 \ud83c\uddea\ud83c\udde6 (@Kukuruyo \ud83c\udff3\ufe0f\u200d\u26a7\ufe0f \ud83c\udff3\ufe0f\u200d\ud83c\udf08 \ud83c\uddea\ud83c\udde6) 1640701752
\u201cReading further in the article "this LGBTQ currency will have its own lingo, for example money transfers in maricoin will be called 'trans' ...." FUCK YOU....are you fucking kidding me?\u201d— Shale, The Doctor Raptor Who Raptors Doctors (@Shale, The Doctor Raptor Who Raptors Doctors) 1641232691
\u201c"maricoin" did my abuela name this...\u201d— JP (@JP) 1641225757
\u201cthey named it fucking "maricoin"???????? may as well have called it "fagbucks" or some shit, christ on a bike\u201d— \ud83c\udff3\ufe0f\u200d\u26a7\ufe0f emily, literal actual sylveon \ud83d\udc00 (@\ud83c\udff3\ufe0f\u200d\u26a7\ufe0f emily, literal actual sylveon \ud83d\udc00) 1641233538
\u201cNOT MARICOIN. NOT THAT.\u201d— Saeed Jones (@Saeed Jones) 1641225748
Others have criticized the entire impetus of trying to "queer capitalism."
\u201coh boy they\u2019re queering capitalism https://t.co/X0XPJVp2OL\u201d— Helen Rosner (@Helen Rosner) 1641227617
MikelleStreet
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Mikelle Street
Mikelle Street is the former editorial director of digital for PrideMedia, guiding digital editorial across The Advocate, Out, Pride.com, Out Traveler, and Plus.
He has written cover stories on Ricky Martin, Jeremy O. Harris, Law Roach, and Symone.
Mikelle Street is the former editorial director of digital for PrideMedia, guiding digital editorial across The Advocate, Out, Pride.com, Out Traveler, and Plus.
He has written cover stories on Ricky Martin, Jeremy O. Harris, Law Roach, and Symone.