The initial coin offering promoted by Boxing champ Floyd Mayweather Jr. raises $33 million

pulse

August 4, 2017 3:55 PM

The initial coin offering light-weight boxing champion Floyd Mayweather promoted last week has raised $33 million.

The initial coin offering promoted by boxing champion Floyd Mayweather Jr. has raised $33 million.

Stox.com, a blockchain technology startup, ended its ICO, a blockchain-based fundraising method, after receiving $33 million worth of Ethereum, according to a press representative for the firm.

Mayweather took to Instagram last week to promote Stox.com's ICO.

According to Mayweather's Instagram post, the boxer thought he was going to make a "s--- ton of money" from the capital raise. Here's a tweet of the post:

The ICO started on August 2 and ended Friday.

When asked about Mayweather's role in the ICO, a spokesperson for the company told Business Insider US investors were not able to participate in the ICO.

The company declined to comment further.

Initial coin offering participants invest money and receive digital "tokens" in return. Thus far, ICOs have been largely unregulated, with some crowdfunding events raising hundreds of millions of dollars. In total, ICOs have raised over $1.37 billion, according to Lex Sokolin, a partner at Autonomous NEXT, a fintech analytics firm.

Stox.com offers a market prediction platform that aims to enable users to predict future events in everything from finance to politics.

Even a Mayweather fight.

pulse

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!