A new cryptocurrency firm is said to be co-founded by the well known rapper, Ghostface Killah from Wu-Tang Clan. The firm known as Cream Capital has the hopes of raising around $30 million in a digital coin sale to start its business.
The firm released a statement on Wednesday, October 4th, that it would be using the digital token method to raise funds through an initial coin offering or ICO. This method has become extremely popular in the past year, as a viable alternative to using venture capitalist’s or other fundraising methods.
The firm claims that it was co-founded by one of the rappers from the hip-hop group Wu-Tang Clam but no sources have confirmed.
Ghostface Killah is not the first celebrity to find himself in the middle of the cryptocurrency market as others from Paris Hilton to Jamie Foxx have also gotten caught up in ICOs and the likes of various cryptocurrency businesses.
Brett Westbrook, the chief executive at Cream Capital stated that “I think the interest of celebrities is a big of a double-edged sword.” He further stated that celebrities should beware when they promote cryptocurrencies and should first understand how the market works before getting involved.
Westbrook then was quoted stating that “I personally think that anything that puts cryptocurrencies in front of the eye 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 hopes are high that certain celebrities can not only serve to legitimize the industry, but can help to increase the funds for companies that deserve it. As the market currently stands, some see it as fraudulent, but others see it as the way of the future.