Ghostface Killah is a co-founder of a cryptocurrency agency.

Johnny Nunez/WireImage

Wu-Tang Clan rapper Ghostface Killah has co-founded a cryptocurrency agency and hopes to lift $30 million throughout its preliminary coin providing, based on a CNBC report Wednesday.

Killah’s agency, Cream Capital, apparently takes its identify from Wu-Tang Clan’s 1993 basic music “C.R.E.A.M.” However as an alternative of standing for “Money guidelines every thing round me,” the acronym this time represents the trademarked Crypto Guidelines Every thing Round Me, Cream Capital Chief Government Brett Westbrook instructed CNBC.

The burgeoning marketplace for cryptocurrencies, which has grown so shortly that one bitcoin was price greater than an oz of gold in March, has seen digital foreign money entrepreneurs flocking to ICOs to create and promote digital tokens to buyers, who embrace celebs equivalent to Paris Hilton.

Nonetheless, regulators aren’t taking to ICOs nicely. The observe, which Bloomberg mentioned netted $1.6 billion within the final 12 months, has prompted safety issues from the US Securities and Trade Fee.

“I feel the curiosity of celebrities is a little bit of a double-edged sword,” Westbrook instructed CNBC. “I personally assume that something that places cryptocurrencies in entrance of the eyes of on a regular basis individuals is a superb factor for the markets general.

“Alternatively, I imagine it is necessary that celebrities know the significance of their endorsements and perceive the underlying ideas of blockchain expertise,” he mentioned. “The very last thing we want is a family identify selling what seems to be a rip-off ICO.”

Cream Capital plans to start promoting “Cream Dividend” tokens subsequent month, which might be exchanged for Ether, the worth tokens of the Ethereum blockchain.

“By 2020, we intend to seize greater than half of the worldwide cryptocurrency ATM market and make cryptocurrencies extra accessible to most people than ever earlier than,” Cream Capital mentioned in a press launch.

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