Rapper Ye, formerly known as Kanye West, is reportedly gearing up to launch his own cryptocurrency called YZY, which is intended to serve as the official currency for his Yeezy clothing brand. According to a Feb. 21 report by CoinDesk, the information was obtained from an email sent by Hussein Lalani, who claimed to be the chief financial officer of Yeezy.
Unveiling the YZY Token
Lalani’s email, which included an unsolicited document detailing the token launch, was initially shared under an “embargo” request. However, CoinDesk declined the embargo and later verified the information with three undisclosed sources close to the project. One source revealed that the YZY token was initially set for release on Thursday but has been postponed until Friday.
According to the press release, the YZY token distribution will allocate 70% of the total supply to Ye, while the remaining 30% will be divided between liquidity (10%) and investors (20%). Ye’s share of the token will follow a multi-phase vesting schedule, with some holdings locked for up to 12 months. Despite the vesting period, concerns have been raised over the large percentage of tokens allocated to Ye compared to investors.
Financial Motives and Controversies
The move to introduce YZY appears to be an effort to rebuild Ye’s financial standing after losing major business partnerships due to his antisemitic comments. The rapper’s remarks led to several brands severing ties with him, including Adidas, Balenciaga, and his talent agency in 2022. Most recently, e-commerce platform Shopify shut down his store in response to his continued controversial rhetoric.
Ye had previously hinted at launching his own cryptocurrency, even reaching out to Coinbase CEO Brian Armstrong. However, he later dismissed the idea, stating he had declined a $2 million offer to launch a coin because he believed such projects “prey on the fans with hype.”
Awaiting Confirmation
While the YZY token’s launch is now reportedly imminent, official statements from Ye or his team remain scarce. Given Ye’s history of abrupt business moves and public controversies, it remains to be seen whether the token will indeed become a reality or face further delays and scrutiny.
