Kanye West to Launch Memecoin YZY
Kanye West, now known as Ye, is planning to launch a cryptocurrency token called YZY, which will allow him to bypass platforms that have severed ties with him due to his controversial statements. The token, named after his Yeezy clothing brand, will allocate 70% to Ye, 10% for liquidity, and 20% to investors. This allocation has raised concerns that it favors founders over retail investors, with some coins locked for up to 12 months.
According to sources familiar with the project, Kanye West, now known as Ye, is reportedly planning to launch a cryptocurrency token YZY.
About YZY
Ye’s entry into cryptocurrency follows years of public controversy that have impacted his business ventures. In 2022, he faced backlash from Adidas, Balenciaga, and his talent agency after making antisemitic remarks, including praising Adolf Hitler and posting inflammatory tweets targeting Jewish people and other groups.
This cryptocurrency token, YZY, will allow him to bypass platforms like Shopify that have severed ties with him due to his controversial statements. The token, named after his Yeezy clothing brand, will allocate 70% to Ye, 10% for liquidity, and 20% to investors, leveraging crypto’s decentralized nature to monetize his celebrity status.
Ye initially aimed for an 80% ownership stake in his token, just like President Donald Trump, but ultimately settled for 70% after negotiations. If his token achieves even a fraction of TRUMP’s success, his 70% stake could be worth tens of millions of dollars, making it a potentially lucrative venture.
CoinDesk obtained information about the YZY token from Hussein Lalani, claiming to be Yeezy’s Chief Financial Officer (CFO), via an unsolicited email. Lalani requested an embargo, but CoinDesk declined. Three sources verified the document’s authenticity. According to a team member who wished to remain anonymous, the token’s initial launch on Yeezy’s website was delayed from Thursday to Friday.
Reason For The Delay
YZY joins a crowded market of celebrity-backed crypto projects, which have faced criticism for leveraging fan loyalty without providing real value. Many of these tokens experience a brief price spike fueled by hype, only to plummet, leaving retail investors with significant losses.
Therefore, the delay in YZY is due to concerns over its association with President Javier Milei’s failed meme coin, LIBRA. The memecoin was a “pump-and-dump” scheme that sparked public outrage and calls for impeachment in Argentina.
Critics argue that YZY’s allocation favors founders over retail investors, with some coins locked for up to 12 months. The YZY team is being more cautious in launching the token, considering the backlash against LIBRA.
