Ghostface Killah to Launch Cryptocurrency Called Cream Capital
Diversify your bonds
People are making mountains of money from cryptocurrency, and Ghostface Killah wants in.
The confusing, decentralized digital monetary system that got its start from Bitcoin has made millionaires of people who have invested in the market just a few years ago. According to CNBC, Ghostface has launched his own cryptocurrency firm called—wait for it—Cream Capital. The firm is build off of the blockchain technology, a complicated self-regulating system for cryptocurrency with built-in checks and balances.
In the past year, many companies have launched forms of cryptocurrencies with initial coin offerings (ICOs). Cream Capital, Ghostface’s company, will be launching its ICO in early November with ambitious hopes of raising $30 million.
The tokens will be transferrable for Ethereum, another cryptocurrency that’s seen relatively stable success over the past year (cryptocurrency markets have a tendency to be highly volatile, bouncing from extreme highs to extreme lows in a matter of days or even hours).
The recent wave of companies launching ICOs has generated controversy, as some see the trend as a scam. South Korea recently put a ban on all new cryptocurrencies, making ICOs more difficult to launch. And Ghostface Killah’s company has already been subject to some scathing online scrutiny.
“I think the interest of celebrities is a bit of a double-edged sword,” Brett Westbrook, chief executive at Cream Capital, told CNBC. “I personally think that anything that puts cryptocurrencies in front of the eyes of everyday people is a great thing for the markets overall. On the other hand, I believe it’s important that celebrities know the importance of their endorsements and understand the underlying principles of blockchain technology. The last thing we need is a household name promoting what turns out to be a scam ICO.”
Ghostface isn’t the first celebrity to publicly get into the cryptocurrency rush. Paris Hilton and Jamie Foxx have also shown support for the emerging market.
Cream Capital not-so-subtly takes its name from the Wu-Tang song “C.R.E.A.M.” But according to Westbrook, the acronym has been tweaked to “Crypto Rules Everything Around Me.”
If you’re looking to learn a little more about cryptocurrency, here’s a handy little video to get you started.
And if you want to reminisce on how Dave Chappelle was right about everything, revisit his hilarious Chappelle’s Show sketch, “Wu-Tang Financial.”