Outside Source
Key Takeaways
- Ye plans to launch YZY token as a way to bypass platforms like Shopify.
- YZY token distribution allocates 70% to Ye and aims to be the official currency for Ye’s website.
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Just days after Kanye West, now known as Ye, likened “coins” to hype-driven sneakers that prey on fans, he now plans to drop a token called YZY.
Three sources with knowledge of the project told CoinDesk that the token, named after his Yeezy clothing brand, aims to circumvent platforms like Shopify that have severed ties with the artist after a series of hateful, and antisemitic tweets.
The YZY token’s distribution is heavily skewed towards Ye. He will personally hold 70% of the tokens, with only 10% for liquidity and 20% for investors, according to the report. Ye also plans to let YZY be the official currency for purchases on his website.
Sources reported that Ye’s approach was inspired by the TRUMP meme coin launched by President Donald Trump ahead of his inauguration, which also had a highly centralized ownership structure. Ye initially wanted an 80% stake in YZY but was negotiated down to 70%.
The token’s structure includes a multi-phase vesting schedule, with some coins locked for up to 12 months.
The launch, initially scheduled for Thursday at 6:00 p.m., has been delayed to Friday, according to a team member who requested anonymity. Information about the token came to light through an unsolicited email from someone claiming to be Yeezy’s CFO.
The launch delay comes as the team considers timing concerns following the recent controversy surrounding Argentina’s President Javier Milei’s LIBRA token.
Ye said “coins prey on fans with hype”
Ye returned to X earlier this month, initiating a day-long rant on the platform.
Among the posts that caught crypto community members’ attention was a screenshot where he declined a $2 million promotion deal from an unidentified contact who offered him money to promote a fraudulent crypto.
The proposed deal involved keeping a deceptive promotional post live for a specific period before claiming an account hack, indicating a broader scheme that may explain some celebrity account hacks on X previously attributed to security breaches. The disclosure has led to wider speculation regarding the authenticity of similar past incidents involving celebrity account hacks to promote crypto tokens.
In a separate post, he signaled interest in connecting with Coinbase CEO Brian Armstrong “concerning crypto.”
Speculation of a Ye-backed crypto token arose after his X posts, but he quickly clarified he was not “doing a coin.”
The voice behind “Stronger” and “Violent Crime” claimed he only pursues projects he’s passionate and knowledgeable about, and a meme coin launch doesn’t fall into that category.
Ye also argued he was too wealthy to need such a venture and criticized coins for exploiting fan hype, comparing them to the hyped sneaker culture he himself helped create.
Now it has become known that a Ye-backed coin is taking shape behind the scenes.
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This article first appeared at Crypto Briefing
