Ghostface Killah to Launch Cryptocurrency Company
Ghostface Killah has cofounded a cryptocurrency company called Cream Capital, CNBC reports. The company is looking to raise $30 million during its initial coin offering (ICO).
Cream Capital takes its name from Wu-Tang Clan’s 1993 classic song “C.R.E.A.M.,” which stands for “Cash rules everything around me.” In the case of the company, Cream Capital Chief Executive Brett Westbrook told CNBC it has been granted the trademark for Crypto Rules Everything Around Me.
The ICO “Cream Dividend” tokens will be sold in November, which can then be exchanged for Ether. Ether is the value token of the Ethereum blockchain. Essentially, blockchains are the digital ledger for economic transactions that serve as the backbone for the digital currency. Cryptocurrency, such as bitcoin, is digital currency that uses cryptography for security.
“Ghostface Killah is a longtime business partner of ours,” Westbrook told Pigeons & Planes of the rapper’s involvement in the venture. Westbrook said that they met during a Reddit AMA and added that Ghostface Killah will serve as the company’s Chief Branding Officer.
“His work capacity will be laying out a framework for which cryptocurrencies are more familiar to everyday people,” Westbrook explained of the rapper’s role in the company.
A rep for Ghostface Killah did not immediately respond to a request for comment.
ICOs are a way of crowdfunding, but they’ve recently come under scrutiny. As TechCrunch points out, the Securities and Exchange Commission charged two companies – REcoin and DRC World – for allegedly defrauding investors by selling unregistered securities and coins that don’t exist. These appear to be the first ICOs to come under scrutiny for fraud.
Cream Capital told CNBC that its ICO participants would be protected via a digital coin standard to prevent investors from monetary losses. The company said that their virtual coins can also be added to debit cards that can be used at stores and places that take card payments.
The company is holding its token sale on November 11th.