The spate of celebrity endorsement continues, as now it has emerged that Wu Tang Clan member Ghostface Killah has apparently co founded an ICO that he is hoping will raise upwards of $30 mln.
Ghostface is not the first celebrity to get involved in ICOs, as seen with the likes of Floyd Mayweather, Luis Suarez, Paris Hilton and Jamie Foxx.
While these celebrity endorsements were hailed at the beginning, they are being met with more and more mixed reviews, as many worry that these ICOs are paying to be pumped and that they are not strong investments that can stand on their own.
Crypto rules everything around me
Cream Capital, the company apparently co-founded by Ghostface, has said its aim is to raise the $30 mln through an ICO, a method of crowdfunding that has come under a lot more scrutiny in recent times.
Brett Westbrook, chief executive at Cream Capital, also calls for caution when it comes to these types of celebrity endorsements, stating that there should be a strong understanding of the Blockchain Technology underpinning them.
"I think the interest of celebrities is a bit of a double-edged sword," Westbrook explained. "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," he added.
Cash rules everything around me
The clue is in the name, as Cream Capital is an acronym for a famous Wu Tang Clan song, Cash Rules Everything Around Me. However, the word Cash has been changed to Crypto.
Cream Capital is looking to simply be a form of digital currency, and will be integrated into debit cards that can be used in any store or other vendor that accepts card payments.
Cream Capital said it has operational cryptocurrency ATMs active in North Carolina, and intends to capture "more than half of the global cryptocurrency ATM market" by 2020.