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Grammy-award winning rapper and founding member of the Fugees is launching ‘Blacture’, a new digital platform. The project will include smartphones powered by blockchain technology, which allow users earn a percentage on every purchase.

"When you use the phone you'll get paid and you can convert it into cash," Michel told CNBC'S "Squawk Box" on Friday. "Blockchain is the technology."

The phone Motif is part of the digital platform Blacture. The tapper teased it in a Super Bowl commercial, at the University of Pittsburgh. The Blacture mission is “to uplift the Blackcommunity through economic empowerment” according to the release.

Motif is the first project launched for the digital platform. The smartphone costs $300 and arrives in stores this fall. Motif will be linked to debit cards so users can transfer money to friends and family in the United States and abroad.

Within the next six months to a year, Blacture will expand into health care services, job creation, financial services, and urban development initiatives.

By Ekaterina Ulyanova

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