Kanye West Launches YZY Cryptocurrency - Is It Legit?

U.S. hip-hop artist Ye, previously known as Kanye West, appears to have introduced his own Solana cryptocurrency, Yeezy Money (YZY). On Wednesday, he announced on X, "Yeezy Money is here… A new economy, built on chain." This post included an image of the cryptocurrency's address and a link to a site where users can buy, sell, and send the token, which currently boasts a market capitalization of approximately $2 billion, according to GMGN.Ai analytics. The website describes YZY Money as a way to empower users, stating it liberates them from centralized authority. The YZY ecosystem also includes Ye Pay, a crypto payment processor that allows merchants to accept both credit and crypto payments at reduced fees, along with a YZY credit card. However, the website clarifies that YZY is meant to be an "expression of support" for certain ideals and is not designed as an investment opportunity. If verified, this would mark a significant change from West’s prior comments on memecoins; earlier this year, he stated that he would not launch a coin as they 'prey on fans with hype'. West had also claimed he was approached to promote a fraudulent Ye cryptocurrency for $2 million, raising additional concerns about his social media activity at that time, which included erratic posts. After this announcement, users on X voiced skepticism regarding the crypto project, suspecting that West’s account may have been compromised. Yet, his official website lists YZY as a payment option, indicating the venture might indeed be legitimate. The Block is currently seeking confirmation from West about the authenticity of the YZY launch. Disclaimer: The Block is an independent media organization providing news, research, and data. As of November 2023, Foresight Ventures is a primary investor in The Block. Foresight Ventures invests in various companies in the crypto sector, including crypto exchange Bitget. The Block operates independently to offer unbiased information about the crypto industry.