Ghostface Killah, one of the legendary rappers from the Wu-Tang Clan, announced a surprising new venture earlier in the week. While in 1993, Wu-Tang Clan rapped “Cash rules everything around me” in their classic song, “C.R.E.A.M.”, it looks like Ghostface now is looking to the future of financials with the recent announcement that he co-founded a cryptocurrency company—for those that are unfamiliar, cryptocurrency is a type of digital currency, frequently decentralized and anonymous, with the most famous example being Bitcoin—called Cream Capital.
Cream Capital is currently in the process of trying to raise $30 million dollars during its initial coin offering (ICO). In November, Cream Currency will begin to sell ICO “Cream Dividend” tokens, which will be able to be exchanged for Ether—the value token of the Ethereum blockchain, one of the highly secure, peer-to-peer records systems that track and secure cryptocurrencies. Ghostface Killah is just one of many well-known names that have begun to see the value, both literally and figuratively, in getting involved in crypto-venture—the rapper joins an ever-growing list of celebrities, such as Paris Hilton and Jamie Foxx, and large companies, such as Burger King, have begun to get involved in cryptocurrencies to some extent or another.
As Brett Westbrook, the chief executive at Cream Capital, told CNBC in an email, “I think the interest of celebrities is a bit of a double-edged sword. . . . 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.”
With Cream Capital, Ghostface will serve as the company’s Chief Branding Officer, with Westbrook noting to Pigeons & Planes, “His work capacity will be laying out a framework for which cryptocurrencies are more familiar to everyday people.” While Ghostface Killah himself has remained tight-lipped about this latest venture, Westbrook also elaborated on how Cream Capital came about, noting that Westbrook and Ghostface met during a Reddit AMA and that “Ghostface Killah is a longtime business partner of ours.”
At its announcement, Cream Capital detailed that the digital coin standard that will be used to protect its new digital currency and noted that its virtual coins will be able to be added to debit cards so that it can be used in any place that takes card payments. Cream Capital is holding its token sale on November 11th, and for those curious, you can read this white paper that further explains Cream Cash.
[H/T Rolling Stone]