Rapper and designer Ye, higher often known as Kanye West, is ready to launch his personal cryptocurrency token, YZY, regardless of his previous criticism of crypto initiatives and ongoing controversy over his public statements.
Ye Plans YZY Crypto Token Regardless of Earlier ‘Coin’ Criticism
In keeping with a number of sources conversant in the challenge, 70% of the YZY token provide might be allotted on to Ye, with solely 10% put aside for liquidity and 20% for traders.
The token is designed as an official forex for trend model Yeezy and might be accepted as fee on its web site. Ye’s transfer into cryptocurrency comes after a sequence of main job losses in recent times.
Ye was fired by Adidas, Balenciaga, and his expertise company after making anti-Semitic remarks in 2022. Most just lately, he shut down his Shopify on-line retailer after calling himself a “Nazi” and promoting a T-shirt with a swastika.
With mainstream platforms reducing ties, the decentralized nature of crypto gives another for Ye to monetize his model with out institutional oversight.
Ye’s transfer into crypto comes regardless of his personal previous skepticism. Earlier this yr, he dismissed crypto in a social media put up, saying: “Money is simply preying on followers with hype.” He additionally famous that he beforehand turned down a $2 million supply to launch a token.
Nevertheless, sources say Ye was impressed by Donald Trump’s TRUMP memecoin, which was launched simply earlier than the previous president’s second time period in workplace and noticed important insider possession. Ye reportedly needed 80% management of YZY, however negotiations had been made all the way down to 70%.
*This isn’t funding recommendation.
