There's Another Wu-Tang Clan ICO in the Works
We already told you about the initial coin offering being launched by a company called Rare Music Ltd. for the Wu-Tang Coin, which hopes to raise enough money to buy a rare album by New York hip-hop legends the Wu-Tang Clan, but now comes word that an ICO is being eyed by none other than Wu-Tang's own Ghostface Killah.
According to CNBC, Ghostface is looking to raise $30 million through a coin offering from Cream Capital, which "claims it was co-founded by the rapper." Which leaves open the possibility that maybe Ghostface - who wasn't available to CNBC for comment - isn't involved?
Anyway, Cream Capital is a reference to one of Wu-Tang's most famous songs, C.R.E.A.M (aka Cash Rules Everything Around Me). Which, honestly, is the only name that makes sense for these purposes.
Of course, because we're talking about an ICO here, Brett Westbrook, chief executive at Cream Capital, tells CNBC that C.R.E.A.M. for this venture stands for "Crypto Rules Everything Around Me." In fact, Wesbrook says the United States Patent and Trademark Office has granted the company a trademark for that phrase.
Here's a little more about Cream Capital's ICO, via CNBC:
Cream Capital will be selling off "Cream Dividend" tokens in November; these can be exchanged for Ether, the value tokens of the Ethereum blockchain.
The company said that 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 that can be used in any store or other vendor that accepts card payments.
CNBC notes that the cryptocurrency market is also gaining celebrity backers who were never in Wu-Tang Clan, with Jamie Foxx and Paris Hilton among those backing ICOs.
Photo: Wu-Tang Clan