Cream Capital, a cryptocurrency firm, hopes to raise $30 million in a digital sale. The firm is co-founded by Ghostface Killah, the U.S. rapper from Wu-Tang Clan.
The firm said, it would raise the funds via an initial coin offering (ICO)¬ – a method of crowdfunding which has been heavily criticized by the regulators lately.
The firm was co-founded by the rapper, who is a prominent member of the Wu-Tang Clan, the famous hip-hop group from New York City.
The name of the company was inspired by Wu-Tang’s hit, “C.R.E.A.M. – Cash Rules Everything Around Me.”
Although, it stands for “Crypto Rules Everything Around Me”. The moniker was granted trademark by the United States Patent and Trademark Office.
Ghostface Killah is the latest in a long line of celebrities, including Paris Hilton to Jamie Foxx, who have put their names behind ICO’s and crypto ventures.
“I think the interest of celebrities is a bit of double-edged sword,” Brett Westbrook, chief executive at Cream Capital, said in an interview.
According to Westbrook, celebrities should be cautious of the influence they have when promoting cryptocurrencies. They should be aware of their endorsements and understand the underlying principles of blockchain technologies.
The cryptocurrency venture will be selling off “Cream Dividend” tokens in November. It can be exchanged for Ether, a value tokens of the Ethereum blockchain.
The firm said, the ICO participants would be protected by a digital coin standard to prevent investors from losing their money.
The virtual coins will also be integrated into debit cards which can be used in any store or vendor that accepts card payments.
Cream Capital has its operational cryptocurrency ATMs functional in North Carolina. The firm intends to capture more than half of the global cryptocurrency ATM market by 2020. The rapper was not immediately available for a comment.