Controversy magnet Kanye West is diving headfirst into crypto with his latest venture – YZY Coin. The rapper and fashion mogul plans to launch his own cryptocurrency as the official payment method for his Yeezy brand, following in the footsteps of Donald Trump’s TRUMP token. Because apparently, what the crypto world really needs is another celebrity-backed digital coin.
The token distribution plan, revealed by Yeezy CFO Hussein Lalani, raises more than a few eyebrows. West will pocket a whopping 70% of the total supply, while investors get 20%, and 10% goes to liquidity. Talk about keeping it in the family. The launch delay was caused by concerns over an Argentine president incident. The tokens will become available gradually over 12 months, but let’s be real – that’s still a massive chunk of control for one person. This latest venture comes after West’s previous partnership with Adidas earned him a 15% royalty rate on sales.
With 70% of YZY Coin in West’s control, this token distribution looks less like decentralization and more like a one-man show.
Originally set for February 21, the launch got pushed to February 22, and crypto gamblers are having a field day. Polymarket, a prediction marketplace, has seen $52,000 worth of bets placed on whether this memecoin will actually materialize. The odds currently sit at 46%. Meanwhile, the project’s market cap has been on a wild ride, swinging from $600,000 to a peak of $10.26 million before settling at $2.44 million.
The irony? West previously denounced token issuance altogether. Now he’s planning to deploy YZY Coin on February 18, 2025, though details about the blockchain platform and security measures remain conveniently vague. The move seems designed to bypass platforms like Shopify that have cut ties with West following his controversial statements.
The crypto community is split on YZY Coin’s legitimacy. Critics point to the extreme token concentration and lack of technical transparency, while others see it as just another day in the celebrity crypto circus.
With no clear information on smart contract audits or regulatory compliance, it’s starting to look like another case of a celebrity jumping on the crypto bandwagon – just with more zeros and controversy than usual.
