A new cryptocurrency firm co-founded by Ghostface Killah of Wu-Tang fame has recently announced an impending initial coin offering that aims to raise $30 million USD in capital. New cryptocurrency firm Cream Capital announced on Wednesday that it plans to raise the capital through token sales, a practice that has captured a significant amount of attention from regulatory bodies around the world.
Celebrity endorsement of cryptocurrency is nothing new- famous faces such as Jamie Foxx and Paris Hilton have already endorsed cryptocurrency platforms. Brett Westbrook, the CEO of Cream Capital, has spoken on the controversial nature of celebrity crypto endorsement, stating that “..the interest of celebrities is a bit of a double-edged sword,”
“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 name of the firm is partly inspired by Wu-Tang Clan's hit “C.R.E.A.M.”, which stands for “Cash Rules Everything Around Me”, or in this case, crypto.
“Although in this sense it stands for Crypto Rules Everything Around Me of which we have been granted a trademark by the USPTO (United States Patent and Trademark Office),”
Cream Capital aims to sell “Cream Dividend” tokens in November, which can be traded for popular high market cap cryptocurrencies such as Ether. The firm has stated that investors will be protected by a digital coin standard that prevents ICO participants from losing their capital. Cream Capital currently has several cryptocurrency ATMs active in North Carolina, and aim to corner the international cryptocurrency market by 2020.