The LGBT Foundation, a Hong Kong-based not-for-profit that promotes the use of technology which benefits the lesbian, gay, bisexual and transgender communities, is launching an ICO for its LGBT token.
The foundation believes that an ICO is a perfect fit for its three goals: ensuring that members of the LGBT community can protect their identities and privacy, creating a unified “Pink Economy” and using the power of that economy to protect the rights and interests of LGBT people.
LGBT Economy “ranks higher than Germany”
The size of that “Pink Economy” is substantial. The LGBT foundation estimates it to be as large as $4.6 trillion, “ meaning that, if it were a country, it would rank higher than Germany as the world’s fourth biggest economy.” The hope is that having a new cryptocurrency would better allow this economy to exercise its power.
Christof Wittig, spokesman for the foundation, says that through that power, “the Foundation and its members can accelerate the efforts of local communities, organisations, and individuals in their quest for equal rights and acceptance in society.”
The LGBT Foundation has grown out of Hornet, a gay social network founded by Wittig himself. Hornet has 25 million members who will be given the option to use the LGBT token to pay their subscription fees. Other businesses in San Francisco have also pledged to accept the token.
Wittig planned to “create a funding mechanism out of this token” so that money could be directed to “causes that are important to the LGBT community.” According to the white-paper “1% annually of the entire Token stock to be deployed for the LGBT Impact program,” though it notes that this is “contingent on the market cap.”
To seed the LGBT token, the foundation will allocate some to its partners for distribution, for example through loyalty programs. The ICO is currently scheduled to begin in April.