Boxing Champion Floyd Mayweather Promotes Stox’s ICO on Instagram

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by Tatsiana Yablonskaya · 3 min read
Boxing Champion Floyd Mayweather Promotes Stox’s ICO on Instagram
Photo: showtime_sports/Flickr

Mayweather says he expects to make a “ton of money” from the crowdfunding campaign that will start at the very beginning of August.

Instagram has already become a popular promoting platform. Boxing champion Floyd Mayweather has published a post that can be an excellent advertisement of initial coin offering of Stox, a blockchain prediction company. The start of the ICO is scheduled for August 2.

Mayweather says he is going to make a “ton of money” from the capital raise. This profit can be just in time for the boxer. Entertainment and Sports Programming Network reports that much of Mayweather’s wealth is tied up in assets and not liquid. That is why he couldn’t pay back a tax liability of $22.2 million to the IRS.

“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” Darren Rovell of ESPN revealed in a recent article, citing Law360. “The taxpayer has a significant liquidity event scheduled in about 60 days from which he intends to pay the balance of the 2015 tax liability due and outstanding.”

The concept of ICOs implies people are investing money and get digital “tokens” in return. The ICOs used to lack reasonable regulation. However, the scope of some crowdfunding campaigns reached hundreds of millions of dollars. Lex Sokolin, a partner at Autonomous NEXT, a fintech analytics firm, says that ICOs have totally raised $1.37 billion.

Stox was launched earlier this July. used Bancor protocol to allow users to predict events basing on the crowd’s assessments of events. Bancor was chosen as the foundation for the team’s platform as this guarantees continuous and high liquidity for Stox users on Ethereum. Users of Stox’s prediction market platform get a possibility to, firstly, purchase STX directly with the BNT smart token using Ether, and secondly, easily liquidate STX back to Ether, with guarantee of low slippage and absence of spread.

ICOs will face stricter control as the Securities and Exchange Commission (SEC) announced that crowdfunding campaigns are subject to the same requirements of the federal securities laws as traditional securities sales.

Besides, the SEC’s Office of Investor Education and Advocacy has issued an investor bulletin intended to inform investors about necessary protection that federal securities laws provide if virtual coins or tokens are securities. Investors should be aware of red flags of investment fraud bearing in mind that new technologies may be used to violate investment schemes.

Tim Draper, venture capitalist and a founder of Draper Associates and Draper University, reacted to the SEC decision having published an open letter to the SEC via Facebook and calling the SEC decision preemptory and too far-reaching.

Blockchain News, News, Token Sales
Tatsiana Yablonskaya

Taking strong interest in blockchain, cryptocurrencies, and IoT, Tatsiana Yablonskaya got deep understanding of the emerging techs believing in their potential to drive the future.

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