The Death Of Coinye: Kanye West Files Suit Over Digital Currency Named After Rapper

 @TreyeGreen t.green@ibtimes.com on January 07 2014 8:49 PM
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Coinye is just latest addition to the increasing number of digital currencies being introduced to consumers. Twitter/Highsnobiety

Self-proclaimed cultural innovator Kanye West isn’t too impressed with the latest entrepreneurial endeavor that appropriates his name. 

A team of seven anonymous programmers is preparing to launch Coinye West, a digital currency like Bitcoin or Dogecoin. Though it is named after the rapper and features his likeness, Time reports that West is less than thrilled about his role in inspiring the cryptocurrency. West’s lawyers issued a cease-and-desist letter against the currency on Monday, claiming trademark infringement. The letter said Coinye would confuse users, leaving consumers “likely to mistakenly believe that Mr. West is the source of your services.” 

The value of digital currencies like Bitcoin is directly connected to the amount of people using them. So it is likely that any amount of confusion regarding West’s connection to the Coinye would equal increased profits for the currency’s programmers, says Time.

Coinye is set to launch Tuesday at 7 p.m. PST on the Coinye website. Speaking to the Wall Street Journal, the creators said they expedited the launch to “release this to the public before the man can try to crush it.” Their website on Tuesday echoed that claim stating the following:

“Due to legal pressure, we will be launching today.”

Coinye’s creators say they hope that the currency can be used to eventually buy items such as concert tickets. They describe it as a more mainstream cryptocurrency compared to others like Bitcoin or Dogecoin, reports Time.

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