Floyd Mayweather is promoting another initial coin offering: 'You can call me Floyd Crypto Mayweather'

pulse

August 23, 2017 10:53 PM

The boxing champion is backing another initial coin offering.

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."

We're building the marketpl... @ hubii network

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.

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.

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