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The phone is part of Michel's digital platform Blacture, which was announced in a 2018 Super Bowl ad, and celebrates black culture through content and technology. The first retail move for Blacture is the launch of Motif, a $300 smartphone that hits stores this fall.

"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."

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