Insider: Kanye West plans to issue YZY token

the well-known rapper Kanye West plans to launch a cryptocurrency called YZY. According to three sources familiar with the project's distribution plan, Kanye himself will receive 70% of the shares, liquidity supply will account for 10%, and investors will hold 20%. The project information was disclosed by Yeezy's Chief Financial Officer, Hussein Lalani, via email.

The YZY token will serve as the official currency of the Yeezy brand and can be used for payments on its website. This move is seen as a way to circumvent platforms like Shopify that have cut ties due to controversial statements. The project was originally scheduled to be released on the Yeezy website on February 21 at 6:00 PM, but has been delayed to February 22. Sources indicate that the reason for the delay is related to an incident involving a token associated with the Argentine president, Milei.

Earlier reports stated that Kanye had said earlier this month that he "would not issue tokens" and criticized the use of tokens to exploit fans. However, sources reveal that Kanye plans to follow the model of Trump's TRUMP token, originally requesting 80% of the shares but eventually negotiating for 70%. The tokens he personally holds will be subject to a phased unlocking mechanism lasting up to 12 months.