If the digital space embodies one thing for sure, it’s equality. Cryptocurrencies too are intrinsically designed to break the monopoly of traditional markets and offer an alternative for others to climb the economic ladder. Now, the world’s first LGBTQIA+ cryptocurrency is trying to change the world.

The creators of “maricoin” want to harness the economic power of the LGBTQIA+ community with a single aim — “changing the world.”

Maricoin was launched on Friday and the name is based on a common homophobic slur in Spanish. The week-long pilot test was undertaken in Chueca and involved 10 businesses. Chueca was chosen as the spot for testing as it is an LGBTQIA+ neighbourhood in Madrid, Spain.

With maricoin, its creator hope to create a cryptocurrency that may be used as a means of payment at LGBT-friendly businesses and various events that take place globally.

In conversation with Reuters, maricoin co-founder Juan Belmonte said that “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?”

Belmote got the idea for an LGBTQIA+ cryptocurrency during the Madrid Pride in July this year.

But the project was actually created in 2018, when conservative group HazteOir launched a transphobic campaign. A bus was sent across Spain bearing the following words — “Boys have penises, girls have vulvas. Do not be fooled.”

Even though the campaign was quickly banned by Spanish authorities, Belmonte wanted “to do something” to take advantage of the LGBTQIA+ community’s economic position