Kanye West inspired Bitcoin rival Coinye West set for launch later this month

Makers of product aiming to make it "easier for people to use cryptocurrency."

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A new online crytocurrency named after Kanye West is set to launch later this month.

The currency, named Coinye West, will work in a similar fashion to other cryptocurrencies such as Bitcoin. Effectively an online form of money, cryptocurrency crossed over into the mainstream in 2013 when Bitcoins were valued as highly as £600 each. The makers of Coinye West has no official affiliation with Kanye West.

The creators or Coinye West are choosing to remain anonymous for the time being, worried they will "piss off" the 'Yeezus' rapper, but will launch their currency on January 11. Speaking to Noisey, a spokesperson for the new cryptocurrency said the people behind the project hope to make it "easier for people to use cryptocurrency."

"We chose to represent Kanye because he is and always has been a trendsetter, and he’s always keeping things unique," the creators add. "I can picture a future where Coinye is used to buy concert tickets, with cryptographically verified virtual tickets, and other ideas I can’t give away just yet."

The creators of Coinye West are also hopeful that they will get the official backing of West, offering him 100,000 coins if he name checks their currency. "We'd love if Kanye named dropped Coinye. I think he's gonna love that there’s a currency named in his honor. We don't want to pay him off to name check us, but it'd be sick if he does so."

Kanye West has yet to respond to the news of the cryptocurrency.

Meanwhile, West recently promised not to say anything controversial for "six months". Speaking onstage in Toronto in December, the rapper made his final rant of the year, but said it would be the last time he would do so for a while, saying that fans would have to re-listen to old interviews if they wanted to hear "some realness".

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