Key Notes

Key Notes:

Ye is launching YZY, a cryptocurrency to support his business.70% of YZY will be reserved for Ye, with 10% for liquidity and 20% for investors.YZY aims to become the official currency for Yeezy, allowing fans to make purchases on Ye’s website.

Kanye West, now known as Ye, is launching YZY, a cryptocurrency that aims to power his business empire and bypass traditional platforms like Shopify, which severed ties with him following his past controversies. As per a recent report by CoinDesk, Ye sees YZY as a way to regain financial control after major brands such as Adidas and Balenciaga dropped him in 2022.

The token, named after Ye’s Yeezy clothing line, comes with a heavily centralized ownership structure. Notably, Ye will reserve 70% of YZY for himself, set aside 10% for liquidity, and allocate 20% for investors. The plan is to make YZY the official currency of Yeezy, allowing fans to use it for purchases on his website.

Hussein Lalani, reportedly Yeezy’s Chief Financial Officer, stated that they initially set YZY for release on February 20, but a last-minute delay pushed the launch to today.

Ye’s crypto venture follows in the footsteps of the crypto-friendly US President Donald Trump, who launched his own TRUMP meme coin TRUMP $16.55 24h volatility: 4.6% Market cap: $3.31 B Vol. 24h: $631.91 M in January. Trump’s token distribution faces major backlash as CIC Digital, a company linked to the president, holds 80% of the token supply.

Sources close to YZY’s team say the 47-year-old hip-hop artist initially wanted a similar 80% ownership stake but later agreed to 70%. Interestingly, if YZY records even one-tenth of TRUMP’s success, Ye’s holdings could be worth millions.

The token launch follows Ye’s skepticism of meme coins. Earlier this month, he denied involvement in any cryptocurrency, claiming he rejected a $2 million offer to launch a token. He also alleged that someone approached him to fake a meme coin launch by pretending his social media accounts had been hacked — an offer he turned down. Despite this, YZY is now a reality, and its success or failure will depend on market reception.

Ye’s crypto venture enters a crowded space where celebrity-backed tokens often see short-lived hype. Recently, celebrities like Iggy Azalea, Rich The Kid, Davido, Caitlyn Jenner, and Trippie Redd have launched tokens, most of which have suffered dramatic price crashes after an initial wave of enthusiasm.

One of the biggest concerns about YZY is its highly centralized ownership. While the tokenomics claims that Ye’s 70% stake will be subject to a vesting schedule, many in the crypto community argue that such a founder-heavy allocation creates an unfair advantage for insiders over retail investors. If Ye chooses to cash out at any point, YZY’s value could plunge overnight.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it’s dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.

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