Floyd Mayweather sent shockwaves across the cryptocurrency industry when he announced on Instagram that he was going to make a “$hit t$n of money” from Stox.com’s ICO, scheduled to take place on August 2.
The professional boxer, who is scheduled to make $100 million from his fight with Conor McGregor on August 26, has about 16 million Instagram followers.
Mayweather tagged the post with hashtags like “#crypto” “#cryptocurrency” “#blockchain” “#ethereum” and “#bitcoin”. The image is of Floyd staring out the window of a private jet with stacks of hundred dollar bills on the table in front of him.
Obviously, this is the year of the ICO, and it’s the year the general public started taking notice of cryptocurrencies. Mayweather’s post is just the latest in a long line of headline-making events that have been promoting the cryptocurrency industry since the beginning of the year.
Mayweather’s post also comes just days after the US Securities and Exchange Commission announced that ICOs were technically security sales, and they would be regulated as such from this point forward.
Many ICOs have already blocked Americans from participating because of the fear of future regulation – and future lawsuits from investors.
This isn’t the first time a boxer has backed a cryptocurrency project. Way back in September 2015, Mike Tyson announced his partnership with a bitcoin ATM company and described how he was grateful to be part of the “bitcoin revolution”.
What Is The Stox.com ICO?
What exactly is Stox and why should you invest in it?
Stox is being developed by the invest.com Group and will guarantee liquidity for its STX smart token through the Bancor protocol (based on Ethereum).
The company is hoping to raise $30 million USD during the ICO.
Stox is a decentralized platform where individuals can make bets about various predictions. It’s a blockchain-based prediction market.
Stox, like many other token sales, has specifically announced that it is not intended for Americans or anyone living in the United States.
The company has generated some controversy for its marketing in the leadup to the ICO. A few years ago, the company purchased the Invest.com domain for $5 million. They created Stox, which later rebranded to Getstocks, and raised $20 million through “traditional” venture capital investing. They later rebranded Getstocks to Stox.
Another controversy is that Stox’s membership numbers seem higher than reality because the company purchased a binary options trading website called AnyOption.
The founders of that controversial Israel-based company were once called “The Wolves of Tel Aviv”. You don’t have to look far online to find complaints of investors losing money in that platform and being unable to withdraw their funds. After Stox purchased AnyOption, Stox appeared to use the trading platform’s membership numbers as part of their own advertised volume.
Ultimately, none of this controversy might affect Stox during their ICO – because the world’s most recognized active boxer just posted a glowing statement about the company.