Floyd Mayweather
John
Salangsang/AP


Floyd Mayweather Jr. can’t seem to shake the cryptocurrency
bug. 

The undefeated boxing champion took to Twitter Wednesday to
promote another initial coin offering, the red-hot
cryptocurrency-based fundraising method. 

In July, Mayweather promoted the ICO of Stox.com, a blockchain
prediction company. This time, he is supporting Hubii Network, a
media tech company.

According to a tweet, Mayweather is also looking to go by a
new nickname: “Floyd Crypto Mayweather.”

Hubii, a content distribution company with 50 million
customers, is looking to raise $50 million through an
Ethereum-based initial coin offering, according to a press
representative for the firm. The ICO will not be open to US
investors.

Initial coin offerings are a new funding vehicle using
blockchain, the technology behind bitcoin. The market for
so-called ICOs is exploding, with over $1.86 billion raised via
the method since the beginning of the year, according to data
from Autonomous NEXT, a financial technology analytics provider.
The massive growth of the ICO market has many people in the space
thinking it’s a bubble, with many firms using the method as a way
to raise vasts amount of money without offering an actual
product.

To raise money through an ICO, a company issues a new
digital currency that can either be spent within its ecosystem, a
bit like Disneyland dollars, or used to power part of the
business.

Recently they’ve come under the scrutiny of the Securities and
Exchange Commission. As a result, more and more companies running
ICOs have limited participation to non-US investors. But that
hasn’t stopped some American investors from getting in on the ICO
action, according to Josh Olszewicz, a bitcoin insider and
investor. 

“There are ways to work around this by essentially setting up
your Ethereum address in another country,” he told Business
Insider during a visit to New York.

Olszwicz said he has never tried to do this, but he says it’s not
that difficult of a process for someone with the expertise. 

Read more

There are currently no comments.