Wu Tang Clan member Ghostface Killah has allegedly co-founded an Initial Coin Offering (ICO) and wants to raise $30 million.
Cream Capital, named after the rap group’s hit song, C.R.E.A.M., an acronym that stands for Cash Rules Everything Around Me, is seeking to be a type of cryptocurrency, and will be incorporated into debit cards that can be spent at any store or other vendor that takes card payments. In Cream Capital, the “C” stands for Crypto.
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Ghostface Killah is certainly not the first celebrity to endorse ICO’s recently.
DJ Khaled, Floyd Mayweather, Jamie Foxx, Luis Suarez, and Paris Hilton are just some of the celebrities that have recently endorsed ICO’s in the past.
Many investors are concerned that these ICO’s are remunerating to be pumped and many believe that they cannot stand on their own.
Brett Westbrook, chief executive at Cream Capital, specified that the celebrities should understand the Blockchain Technology behind cryptocurrency.
“I think the interest of celebrities is a bit of a double-edged sword,” said Westbrook.
“I personally think that anything that puts cryptocurrencies in front of the eyes of everyday people is a great thing for the markets overall. On the other hand, I believe it’s important that celebrities know the importance of their endorsements and understand the underlying principles of Blockchain technology,”
“The last thing we need is a household name promoting what turns out to be a scam ICO.”
Cream Capital said it has operating cryptocurrency ATMs in North Carolina, and anticipates taking “more than half of the global cryptocurrency ATM market” by 2020.