Ghostface Killah, of the Wu-Tang Clan, has decided that it’s time to enter into the cryptocurrency business. Killah, whose real name is Dennis Coles, has dipped his toe into the saturated crypto market by co-founding Cream Capital – inspired by Wu-Tang’s 1993 song “C.R.E.A.M” (Cash Rules Everything Around Me).
Amusingly, Cream Capital now owns the phrase “Crypto Rules Everything Around Me”, so perhaps we can expect another Wu-Tang single to bring the hip-hop hit up to 2017’s cash-free standards.
It’s not inherently clear what Cream Capital is, but it’s doing an initial coin offering (ICO) on 11 November for its “Cream Dividend” tokens to raise $30 million (£22.9 million). Killer claims those tokens will be able to be traded for Ether on the Ethereum blockchain.
Killah’s ambition to get into the cryptocurrency space isn’t too surprising. Digital currencies are a lucrative market, where the average price of a Bitcoin now sits over £3,000. People use these digital currencies as a way to circumvent purchase tracking, but also as a means to unshackle themselves from FIAT currency. Getting into the ins-and-outs of crypto is messy business, but our Bitcoin explainer should help you understand if you don’t already.
Cream Capital’s press release around the announcement is also reasonably vague, stating that “by 2020, we intend to capture more than half of the global cryptocurrency ATM market and make cryptocurrencies more accessible to the general public than ever before.”
Speaking to music blog Pigeons and Planes, Cream Capital co-founder and CEO Brett Westbrook explained how the partnership came about.
“Ghostface Killah is a long-time business partner of ours,” he explained. “I personally connected with him during a Reddit AMA on /r/hiphopheads last year when he was seeking tech-inclined people to work within future technology-focused projects. Dennis [Coles] is a very forward-thinking person and has a keen interest in emerging technologies. It’s hard to ignore blockchain tech today even when you’re a busy, touring hip-hop artist.”
“He doesn’t have any technical background with cryptocurrencies. However, remember that Wu-Tang is for the children,” Wesbrook explained, while referencing Ol Dirty Bastard’s remarks about Wu-Tang’s ambitions.
“He is very focused on what the youth and millennials are interested in. He is a very solid businessman and has surrounded himself with bright individuals with a hunger for bring new, groundbreaking technologies to market.”
Killah’s role in the business is that of Chief Branding Officer, allowing him to help bridge the gap between crypto and mainstream audiences.
“His work capacity will be laying out a framework for which cryptocurrencies are more familiar to everyday people,” explained Westbrook. “Our goal is to help transition cryptocurrency adoption not necessarily away from the technically inclined population, but to create a more inclusive investment and asset management environment for everyday people. He plays a critical role in helping the general public learn more about cryptocurrencies and specifically the benefits and value that Cream Capital brings to this space.”
It’s still somewhat unclear what Ghostface Killah and Brett Westbrook are really trying to do – and what they’re trying to offer with their ICO. A cynical man would say that it’s probably little more than a cash-grab in an environment that’s very lucrative right now. However, I’m not a cynical man (I am), so I’m going to give them the benefit of the doubt and go along with their plan to build a company that’s invested in bringing cryptocurrency to the masses – at least, the masses that haven’t already been knee-deep in the technology already.
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