TechFlow reported on February 21, according to CoinDesk, that renowned rapper Kanye West is planning to launch a cryptocurrency token named YZY. Three insiders familiar with the project revealed that under the proposed distribution plan, Kanye would receive 70% of the tokens, 10% would be allocated for liquidity provision, and investors would take 20%. This information was disclosed via email by Hussein Lalani, Chief Financial Officer of Yeezy.
The YZY token will serve as the official currency of the Yeezy brand, usable for payments on its website. This move is seen as a way to bypass platforms like Shopify, which have severed ties with Kanye due to his controversial statements. The token sale was initially scheduled for 6 p.m. on February 21 on the Yeezy website but has been postponed to February 22. Sources indicated the delay is related to events involving Argentine President Milei’s associated token project.
Previous reports noted that earlier this month, Kanye had stated he would "not launch a token," criticizing tokens as exploiting hype to exploit fans. However, sources said Kanye now intends to follow Donald Trump's TRUMP token model—originally seeking an 80% allocation, later negotiated down to 70%. His personal holdings will be subject to a phased unlock mechanism lasting up to 12 months.
