Kanye West to Launch YZY Coin, Official Currency for Yeezy Brand

Rapper Ye, formerly known as Kanye West, is reportedly preparing to launch his own cryptocurrency called YZY. According to a recent report, the YZY coin will serve as the official currency for his Yeezy clothing brand.

YZY Token Distribution and Vesting Schedule

The YZY token distribution will see 70% of the total supply reserved for Ye, with the remaining 30% split between 10% for liquidity and 20% for investors. Ye’s portion of the token will be distributed through a multi-phase vesting schedule, with some coins being locked for up to 12 months, meaning they cannot be sold until that time.

Despite the vesting schedule, concerns have been raised over the amount allocated to Ye compared to the share given to investors. Some have expressed concerns that the large allocation to Ye could lead to market manipulation and negatively impact investors.

Background and Motivation

Ye’s decision to launch his own coin is seen as an attempt to rebuild his income after losing partnerships with companies like Adidas and Shopify due to his antisemitic comments. The rapper has faced significant backlash for his controversial remarks, which led to several major brands severing ties with him.

In 2022, Ye lost partnerships with Adidas, Balenciaga, and his talent agency after a series of antisemitic remarks. The rapper’s attempts to reach out to Coinbase CEO Brian Armstrong had previously sparked speculation about a potential coin launch, but he later denied any plans to launch a coin.

Implications and Next Steps

The launch of the YZY coin is expected to be closely watched by the cryptocurrency community and investors. As with any new coin launch, there are risks and uncertainties involved, and investors should exercise caution before investing.

For those interested in learning more about cryptocurrency and investing, here are some key tips to keep in mind:

  • Always conduct thorough research before investing in any cryptocurrency or project.
  • Understand the tokenomics and distribution of the coin.
  • Be aware of potential risks and uncertainties involved.
  • Stay up-to-date with the latest news and developments in the cryptocurrency space.

Stay tuned for more updates on the YZY coin launch and other cryptocurrency news on Global Crypto News.

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