Kanye West Shocks Crypto World with ‘Swasticoin’ Update

Ye, an American rapper and record producer formerly known as Kanye West, has sparked a wave of interest in crypto. As reported by The Block in a now-deleted X post, Ye teased about a token, “Swasticoin” and launched his blockchain.

He reportedly rejected a $2 million proposal to promote a crypto scheme.

Will Ye Launch a Controversial Token?

In a series of posts, Ye suggested he could launch the Swasticoin next week. This development suggests that the rap artist has backtracked on a previous post where he disassociated himself from such projects. On that occasion, Ye referred to it as a project that “prey on the fans with hype.”

The U.S. rapper even used strong language against non-fungible tokens on Instagram. He stated his lack of interest in buying NFTs.

The name appears deliberate and continues his controversial stance on certain sensitive issues. The name Swasticoin is a further push to offend the Jewish community, as he has done in recent times.

In one of the now-deleted posts, Ye suggested he would open a “contract address,” CA, for his Swasticoin to Jewish people, as well as family and friends. Ye said, “Let’s see if stereotypes exist for a reason.”

Ye Connects with Changpeng Zhao

Aside from talks about Swasticoin, Ye also made inquiries about blockchains like Ethereum, Solana, and BNB Chain, among others. The queries were in response to Ye’s followers suggesting the network on which to launch Swasticoin.

It also looked like Ye tried to contact Changpeng “CZ” Zhao, co-founder of Binance. The American rapper, active on X, even reposted one of CZ’s posts. Notably, the post from CZ had complained about the difficulty in using decentralized exchanges compared to their centralized counterparts.

Interestingly, CZ is among the only two people Ye follows on X despite having over 33 million followers.

Kanye West and Crypto, Here’s Possible Reason

YE might launch a token and keep 70% of the total supply for himself. Some have suggested that the token will help users overcome Shopify’s censorship of the Yeezy store. It remains unclear if it is the same project or a different one.

Notably, reports from sources close to the artist say the token will be called YZY. However, this is not the first time that YE has flirted with controversy. He sold a shirt with a Swastika symbol on his website titled HH-01, apparently short for “Heil Hitler. The website has been taken down.