Rap musician Dennis Coles, a figure best known as Ghostface Killah from the rap group Wu-Tang Clan, has become the latest celebrity to get into the cryptocurrency game. He is promoting a new currency option for investment purposes although it is uncertain as to how some of the specifics of the coin would work. Several particular promoted benefits have been highlighted by the group that is operating the special offer.
Ghostface Killah has co-formed the Cream Capital group and is aiming to raise $30 million through an initial coin offering. The Cream in the group’s name is actually an acronym for “Crypto Rules Everything Around Me,” a variation of an already existing song title from the Wu-Tang Clan. The group has acquired a trademark from the United States Patent and Trademark Office for operating its ICO under this name.
The group will sell its “Cream Dividend” tokens in November. These coins can be exchanged later on for Ether, the tokens that are used in the Ethereum currency. The coins that a person earns could be added into a debit card that can be used in any store that might accept such card payments.
Cream Capital also says that the coins will be protected through an extended security plan. A special digital coin standard would be used to keep investors from potentially losing their money in the process. Added information on how this would be used has not been fully released. The plan is being promoted as a setup for encouraging people to take a look at what is available in the currency market.
The group also says that there are a few cryptocurrency ATMs that are currently working in North Carolina. They are planning on getting some additional ATMs around the country with the intention of getting through around half the global cryptocurrency ATM market before 2020.
Not much information has been made available on some of the specifics involved with this particular ICO. Attempts to reach Ghostface Killah for added details on the currency have not been successful.
This move comes as many other celebrities are getting into their own cryptocurrency efforts. Floyd Mayweather, Jamie Foxx and Paris Hilton are among the many celebrities who are participating in ICO activities in various forms to raise funds for different projects.
There are concerns among various investment groups and analysts over how so many of these celebrities are getting into the cryptocurrency world. There are worries that people might get into certain ICOs that might not be fully organized but will get in simply because of the celebrity endorsements involved. Analysts also worry that celebrities are not fully aware of the blockchain technology and other intricate features that go into the ICO field.
The offering from Ghostface Killah is the most fleshed out and carefully organized cryptocurrency plan being offered by any celebrity at the moment. It is unclear as to how the currency might move about but it could open the door to other celebrities getting into the field if the program ends up succeeding.