The Yeezus rapper now has his own new virtual currency called Coinye West, and the popular industry leader Bitcoin's latest rival is set to debut later this month.

The anonymous founders of Coinye West explained why they chose to use the derivation of the Chicago rapper's name.

"We chose to represent Kanye because he is and always has been a trendsetter, and he's always keeping things unique," they said. "We're really not sure how Kanye is going to react to this. We hope he loves it, but if he doesn't he really isn't someone we want to p*ss off."

The Coinye creators then discussed how the new digital currency will utilize "CoinyeMiner," the same basic model of "mining for currency."

"Our goal with Coinye West is to make it easier for people to use cryptocurrency," they said. "Right now, it's kind of a dark art for people to mine coins. We plan on releasing a front end to the 'mining' programs called CoinyeMiner. It will make things a lot more simple and people will be able to make their own coins. We're working round-the-clock to get everything going as smoothly as possible."

The mysterious founders also elaborated the general mining process that many cryptocurrencies are based on.

"Basically, people's computers try and figure out math problems," they said. "Hundreds of them work together and when there's a payout, about half a million coins get released from a block, and they get shared between everyone who helped open them. They then get paid out to a wallet, which is a software that people will keep on their computer. They can send or receive coins from there, sort of like Paypal."

"Coinye West is a cryptocurrency for the masses," they added. "Bitcoin is for hardcore money-hoarders, and Dogecoin was more for the internet-meme crowds." Bitcoins, the currency model on which Coinye West is based, are currently worth slightly more than $800 a piece.

Coinye West is scheduled to launch on Jan. 11. The upcoming currency's website coinyewest.com features a countdown to launch, using West's "Black Skinhead" video as a background.