Kanye West tries to ban launch of digital currency Coinye

By Fay Strang

PUBLISHED: 04:45 EST, 9 January 2014 | UPDATED: 05:24 EST, 9 January 2014

Rapper Kanye West has tried and failed to ban the launch of a new digital currency named Coinye.

The 36-year-old reportedly asked his lawyers to put a stop to the coin based on the increasingly-popular digital tender, Bitcoin, on the basis of trademark infringement.

But the anonymous developers behind the idea defied the father-of-one's request, instead launching it early on Tuesday, four days before the planned day, Saturday.

According to The Sun, the technology team behind the coin, which initially started as a joke but soon went viral, tweeted: 'WHO GON STOP ME HUH? Coinye feelin' the heat, going to spread what we got so far before the bigwigs steal our work!!'

The coin features an image of the Yeezus star as a fish wearing sunglasses, which is in reference to a South Park episode called Fishsticks.

The episode sees Jimmy write a joke that becomes a national sensation while Cartman tries to steal the credit. The rapper is the only person in the country who fails to get the joke, but cannot admit that he does not get it because he believes himself to be a genius.

The currency was initially named Coinye West but was changed to just Coinye, hours before it's launch on Tuesday.

WHAT IS BITCOIN CURRENCY?

The group behind the tender is reported to have offered Kanye 100,000 Coinye if he made contact and got behind the idea.

Speaking to music site Noisey, one founder said: '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.'

'It will get people who are on the fence interested and help them to start using the currency, and we hope they'll share it with their friends, too.'

With a tagline of 'we ain't minin', we pickin', Coinye West will be the latest virtual currency to launch as a rival to Bitcoin.

The value of Bitcoin rose to over $1000 (£613) last year but is currently worth around $850 (£520).

Meanwhile Spice Girl Mel B became the first artist to officially accept bitcoin payments for her new single - For Once In My Life.

Speaking about her decision on her website, she said: 'I love how new technology makes our lives easier, and to me that's exciting. Bitcoin unites my fans around the world using one currency. They can just pay using bitcoins!'

A spokesperson for Kanye has been contacted for comment.