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American Rapper Ghostface Killah reportedly co-founded a new cryptocurrency business. Next month they’re eyeing a $30 million initial coin offering (ICO). The hip hop artist, who is famously a member of the group Wu-Tang Clan, is the latest celebrity endorsement throwing his name behind a virtual coin venture.

Crypto Rules Everything Around Me

The company is called Cream Capital. The name is cleverly inspired by one of Wu-Tang Clan’s albums – “C.R.E.A.M.” The title stood for “Cash Rules Everything Around Me,” yet this time around they swapped the cash for “crypto.” According to the firm’s Chief Executive Officer, Brett Westbrook, they have since scored a trademark for the new acronym.

Cream Capital will sell their own virtual currency, otherwise known as Cream Dividend tokens, for the first time next month. They will be exchangeable for Ether (ETH) – the widely-used tokens from the Ethereum blockchain.

The company’s first token sale will take place on November 11th, and their goal is to raise 103,093 ETH. They have already set their sale price, too. Each dividend token will cost 0.0025 ETH – which is roughly equal to 75 cents USD.

Cream Capital says that those who participate in their ICO will be safeguarded from losing their investment. This is because it will be governed by a digital coin standard.

Furthermore, the company will integrate the “Cream Cash” into debit cards that can be used on everyday purchases. In addition, Cream Capital already has fully functional cryptocurrency ATMs in North Carolina. Beyond those, they want to gain over half of the worldwide cryptocurrency ATM market share by 2020.

Cryptocurrencies, ICOs and Celebrities

Finally, Cream Capital’s CEO has some advice regarding linking up with celebrities to launch cryptocurrency ventures. Westbrook told CNBC that it can be 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,” the CEO said. “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.”

It seems like celebrities should at least be wary of which cryptocurrencies they promote. The last thing they probably want to do is have their name attached to a scam ICO.

Sources:

CNBC, https://www.cnbc.com/2017/10/04/wu-tang-clans-ghostface-killah-is-backing-a-cryptocurrency-venture.html

Company Website, Creamcapital.io

Photo Source:

Max Pixel

http://maxpixel.freegreatpicture.com/static/photo/1x/Bitcoin-Taxation-Is-Theft-Digital-Currency-2291397.jpg

About timawalker

Tim is a freelance writer and contributor to Live Bitcoin News, specializing in cryptocurrencies, financial markets, personal finance and digital marketing. With a BA from UCLA and experience in equity capital markets research at a top New York financial data provider, Tim has written articles for a number of financial news sites.