Key takeout
- You will be releasing a crypto token next week.
- The distribution of Yzy Token reportedly gave Kanye West 70%, raising concerns about centralization.
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Kanye West, now known as YE, has announced a new coin to be released next week. It also states that all other coins currently available are “fake.”
Two weeks after a series of controversial tweets that included “coins” and “crypto” and subsequent deactivation of X accounts, you came back this week and tweeted about “coins” again on Friday.
His statement follows an early report revealing plans to launch a crypto token called Yzy as part of his strategy to create a financial ecosystem that can withstand censorship for his brand. The token aims to help bypass the platform that cut ties with him due to controversy.
Reports show that YE initially wanted an 80% stake in Yzy Coin, but ultimately agreed to 70%, showing that liquidity was 10% and investors were 20%. The coin serves as the official currency for his website.
The launch of the first token, originally scheduled for Thursday evening, was pushed on Friday.
The launch follows other celebrities-backed crypto ventures, including Donald Trump's Trump Meme Coin.
Argentine President Javier Miley recently supported the Libra memecoin, leading to a quick and dramatic collapse.
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