Christof Wittig, founder and chief executive of LGBT social media company Hornet Networks, described in London last week how the creation of the “LGBT Token” would help unlock the global spending power of the lucrative sector.

Wittig described how, according to research from organisations working on the crypto currency, if the global LGBT community were a country, it would be the world’s fourth-largest economy, with a GDP of $4.6 trillion.

The token – currently being developed by technology firm OST and the LGBT Foundation - aims to be a method of payment for physical and digital businesses, as well as a decentralised system for LGBT people to verify and protect their identities, especially in countries where they face oppression and persecution.

LGBT Token members can buy as consumers or supply as merchants, with services designed for the preferences of the LGBT community as well as funds allocated to charitable LGBT causes.

Hornet Networks, one of the largest social networks for gay men with more than 25 million members worldwide, has given its backing to the project.

Wittig told delegates he believed the token would act as a “great way to access and measure the power of the Pink Dollar”, adding: “This is the next big thing coming in e-

commerce for the LGBT community.”

He revealed that of early participants willing to accept the token when it launches as a form of payment was Brighton-based LGBT OTA, OutofOffice.com.