The LGBT Foundation has entered into a partnership with OST blockchain technology to come up with an LGBT blockchain token. LGBT Foundation is a Hong Kong-based non-profit in support of gay, lesbians, bisexual and transgender individuals around the world. CEO Sean Howell took his time to clarify the goals behind LGBT token launch.

It does not matter if you have been clued up on Bitcoin or cryptocurrency for ages or you vaguely understand. If you are an LGBT community member, you will at least be looking forward to investing in the LGBT Foundation’s LGBT token that will be launched soon- the purchasing power of the community. 

Acceptance of the Pink Dollar- LGBT Cryptocurrency

There are businesses run by the organization in San Francisco and will accept the LGBT cryptocurrency “pink dollar” as a payment method for services rendered and goods. According to Christof Witting, some members of the Hornet gay social network, Hornet, can use Pink dollar to pay their subscription fees. 

Apart from supporting the LGBT-run businesses, the organization is also interested in raising a good amount of money to make it possible to operate independently together with taking its gay activism to greater heights. 

“We are sure that we will create a funding mechanism from this token to direct capital to causes which are important to the LGBT community,” revealed Witting. 

“LGBT Foundation will leverage the Blockchain technology to maximize Pink Economy potential and enable it to generate resources to support the LGBT rights worldwide. LGBT community is only capable of accounting for up to $4.6 trillion. It means, if it were a country, it would rank higher than Germany which is the fourth country worldwide with the biggest economy,” revealed Ben Kubota, LGBT project lead. 

Witting stated that the “LGBT Foundation will be tokenizing the Pink Dollar to enable the LGBT community to plan an integral role in shaping its destiny in the different countries around the globe. By bringing together the Foundation, the community’s economic might and its members, it will help in accelerating individuals, organizations and local community efforts as they dream of having equal rights in the society and being accepted in the society.”

The organization is planning to support the businesses that are LGBT-run and is hoping to raise funds to help them fulfill their activism objectives and be independent. 

“We believe we are capable of creating a funding mechanism from the token to direct capital to causes that are of great importance to the LGBT community,” stated Witting. 

What Problem Will LGBT Cryptocurrency Solve for the Community?

Many societies have managed to make great strides regarding LGBT rights. However, there is still much to be done. There are countries where an individual can still be prosecuted for taking part in a gay relationship. In other countries, there are still laws that discriminate against the LGBT community. Most LGBT people face a constant struggle in their road to progress. 

Several factors account for discrimination against the LGBT community, and it is difficult to solve them all at a go for pointing out every issue. One issue that can easily be addressed or pointed out is how the global economy has underserviced the pink economy and is not being utilized well by the worldwide LGBT community. Due to this, the LGBT community is yet to tap fully into the huge power it has to advance LGBT rights to the entire world. 

There are expectations that the creation of an LGBT token, which will be the world’s first cryptocurrency reserved for the LGBT community and powered by blockchain technology, will help achieve the following:

• Make it possible for the community members to verify and protect their identities when transacting 
•  Utilize and demonstrate LGBT community economic muscle 
•  Reserve resources to tackle discrimination, oppression, and inequality against LGBT individuals

Although these are some of its ambitious goals, it would not be possible to do this if we never felt blockchain technology was capable of helping improve LGBT circumstances globally. 

If you are a starter with blockchain technology, you will be capable of keeping your identity private. Being anonymous is a valid and major concern among the LGBT community, especially in countries where there is still crime and aggression towards community members. 

Blockchain to Empower LGBT Community Members

The gay communities are wealthy and have the power of spending more than other minority groups. Most merchants have little information about this community. The launch of the cryptocurrency will allow different brands to offer services targeted to LGBT members, and in return, they will have a better understanding of the demographics. 

Blockchain technology is firm behind most of the cryptocurrencies in the world. A distributed ledger will make it easy for virtual currencies to operate in an anonymous, secure and decentralized manner. Although the advancement of technology has been doing great things globally, it remains to be seen if the LGBT project will be successful by power harnessing this revolutionary technology. 

The LGBT token will be bringing blockchain to millions of users since the foundation is non-profit and was set up as a community-based project. Having LGBT tokens in millions of users’ wallets will help several uplifting users into the cryptocurrency space.  Recent research findings reveal that up to 10 million users on Coinbase are giving token wallets to the 25 million Hornet users and teaching them about the crypto basics and how it helps increase blockchain use in the LGBT community.

Read more: LGBTQ+ History and Why It Matters