Lil Yachty Announces New Cryptocurrency YachtyCoin

Lil Yachty is banking on his large following—which translates to nearly 20 million social media followers—to gravitate to the new cryptocurrency.

Lil Yachty attends the "Burden" Atlanta Red Carpet Screening

Image via Getty/Paras Griffin

Lil Yachty attends the "Burden" Atlanta Red Carpet Screening

Lil Yachty is diving headfirst into the cryptocurrency market. 

Forbesreported on Monday that Lil Boat is now the latest celebrity to try their hand in the global crypto market which is valued at over $500 billion. He's doing this through his newly launched, self-named currency, the "YachtyCoin." The YachtyCoin will operate in the realm of "social tokens." These popular cryptocurrencies hold an entertainer's name and leverage the star's popularity and influence as their work will be purchased through the coin. Also, they can be traded on centralized exchanges. 

The rapper's Ethereum-based token will be introduced on the Swiss-based platform Fyooz. Yachty is banking on his cult-like following—which translates to nearly 20 million social media followers and 10 million Spotify listeners—to gravitate to the coin. Taking ownership of a "YachtyCoin" will basically make the fans a shareholder/investor in Yachty's career. Additionally, they will receive access and privileges that the average listener won't be able to access. 

For all my fans outside the US, I partnered w/ @fyooz_io to make history. My lawyer is making me disclose that I’m being paid 🤷‍♂️ If you want to buy access to me #YachtyCoin is coming soon only on the Fyooz App #fyz

— C.V Thomas (@lilyachty) November 18, 2020

Yachty isn't the first rapper to venture into cryptocurrencies. Nas is an investor in the cryptocurrency trading platform Coinbase while The Game is on the advisory board at Paragon, a cryptocurrency startup tailored to the marijuana industry. Also, Akon has leveraged his celebrity and knowledge of cryptocurrencies to create his Akon City which will operate on his Akoin currency.

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