Ye's YZY Memecoin: A New Currency for Yeezy or Another Controversy?
1min read Rapper Kanye West, now known as Ye, is reportedly planning to launch his own cryptocurrency, a memecoin called YZY. According to a Feb. 21 report, the coin will serve as the official currency for his Yeezy clothing brand.
The news was revealed in an unsolicited email sent by Hussein Lalani, who claimed to be the chief financial officer of Yeezy. The email contained a document outlining the token's launch and requested CoinDesk to withhold publication under an "embargo." However, CoinDesk declined the embargo, and the document was later verified by three undisclosed sources close to the project. Initially set for Thursday, the token's release has been delayed to Friday.
According to the YZY press release, the token distribution will see 70% of the total supply reserved for Ye, with the remaining 30% split between 10% for liquidity and 20% for investors. Ye's portion of the token will be distributed through a multi-phase vesting schedule, with some coins being locked for up to 12 months. Despite the vesting schedule, concerns have been raised over the amount allocated to Ye compared to the share given to investors.
Ye's decision to launch a memecoin comes after he lost partnerships with major companies like Adidas and Shopify following his controversial antisemitic comments. The rapper has faced backlash for his remarks, which led to several major brands severing ties with him. Most recently, e-commerce company Shopify shut down his store in response to his hateful rhetoric. In 2022, Ye lost partnerships with Adidas, Balenciaga, and his talent agency after a series of antisemitic remarks, such as praising Adolf Hitler in a live interview and sharing provocative posts about Jewish people and other groups on social media.
Ye had previously hinted at the launch of his own coin when he attempted to reach out to Coinbase CEO Brian Armstrong. However, he later posted that he wasn't launching any coins, despite being offered $2 million to do so because "Coins prey on the fans with hype."
