Ghostface Killah is reportedly entering into the wide open world of cryptocurrency with the introduction of a new business venture titled Cream Captial. The company, which is a play on the Wu-Tang Clan smash single “C.R.E.A.M.,” is hoping to raise $30 million with an initial coin offering.
Cream Capital said Wednesday it would raise the funds through an initial coin offering (ICO) — a method of crowdfunding that has been met with much scrutiny from regulators recently.
It claims it was co-founded by the rapper, who is a prominent member of hip hop group Wu-Tang Clan.
Ghostface Killah is the latest in a long line of celebrities — from Paris Hilton to Jamie Foxx — who have put their names behind ICOs and crypto ventures.
“I think the interest of celebrities is a bit of a double-edged sword,” Brett Westbrook, chief executive at Cream Capital, told CNBC via email.
Westbrook said that celebrities should be cautious of the influence they have when promoting cryptocurrencies, and should understand the blockchains (distributed ledger technologies) that underpin them.
Other celebrities who have taken the cryptocurrency leap are DJ Khaled and Floyd Mayweather, which some in the industry see as a detriment and will upend its current upward trend.
Ghostface Killah has not made an official announcement of his connection to Cream Capital.