If “Floyd Crypto Mayweather” is not enough to push cryptocurrency and blockchain technology into the mainstream, then maybe Ghostface Killah might tip the scale. Not only is the hip-hop veteran invested in the space, Ghostface has actually co-founded his own cryptocurrency firm.
The firm Cream Capital is looking to raise 30 million dollars through its ICO (initial coin offering) with the goal of “building the world’s largest cryptocurrency ATM network and the world’s most transactable cryptocurrency.” An ambitious goal but it looks like there are already two cryptocurrency-based endeavors with associated names that are in no way affiliated with Cream Capital.
CREAMcoin is an unaffiliated cryptocurrency that has already run its ICO as well as used the tagline “Crypto Rules Everything Around Me” more than 4 months before Ghost’s initial announcement. If that isn’t confusing enough, another unaffiliated cryptocurrency, Wu-Tang Coin exists. Wu-Tang Coin is a seemingly failed attempt to crowdfund the purchase of a Wu-Tang album so exclusive that only one copy exists. Wu-Tang’s “Once Upon A Time In Shaolin” has since been auctioned for 2 million dollars, and again for over 1 million dollars on eBay.
Potential branding conflicts aside, there are still other barriers to Ghost’s crypto endeavors. The recent uptrend in ICOs and the huge amounts of money being raised has brought the attention of government regulatory agencies. In the US, the Securities and Exchanges Commission (SEC) has made strides to regulate ICOs categorizing the coins sold as securities or tradable financial assets similar to traditional stocks. As such, they are now subject to increased government scrutiny before they can be offered to the public. Other countries such as China has issued a temporary freeze on ICOs, and more recently Russia has taken steps to block cryptocurrency exchanges altogether.
Despite all of this, it seems like Ghost might be on to something big. Cream Capital reports already having 6 cryptocurrency ATMs in operation with another 800 locations ready to run ATMs. The firm also has plans to create their own online cryptocurrency exchange as well as plans to work closely with US regulators to ensure legal standards are met. Making inroads into mainstream adoption will still be a huge challenge but with Ghostface leading as chief branding officer, they may have a better shot than most.