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Everything We Know About The Blockchain Prediction Company Floyd Mayweather Has Bought Into

Story from: 2oceansvibe.com

Hey, it makes a nice change from screaming fake insults at Conor McGregor.

Floyd is all about the ‘money’ – it’s literally his nickname – and is fond of showing off large wads of cash (and big cheques) on social media.

That being said, it seems someone has had a word in his ear about cryptocurrency because he has hopped on board with Stox, a blockchain prediction company.

Here’s Business Insider:

According to Mayweather’s Instagram post, the boxer thinks he’s going to make a “s— ton of money” from the capital raise.

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 $1.37 billion, according to Lex Sokolin, a partner at Autonomous NEXT, a fintech analytics firm.

On Tuesday, the SEC said that initial coin offerings (ICOs), in some cases, can be considered securities; and as such will be required to subscribe to the necessary regulations.

From Fortune, more on Stox:

Stox also states that it seeks to raise $30 million from the ICO. While that’s a significant number for any brand new company, the figure is modest compared to other recent ICOs from the likes of newcomers like Tezos ($232 million) and Bancor ($153 million).

While the companies are quick to state the “coins” (commonly called tokens) they sell are for buyers to access their software programs, the reality is that many people are buying them to speculate. In most cases, the tokens can be traded at online exchanges for other digital currency like bitcoin or even for cash.

I can’t keep up – weren’t we just learning about Bitcoin?

The perception is that Floyd is flush with cash, but it appears that most of his wealth is actually tied up in assets. That made paying back the recent tax liability of $22,2 million to the IRS a bit of a problem:

“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” Darren Rovell of ESPN said 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.”

Shame.

Still going to beat the crap out of Conor though.

[sources:businessinsider&fortune]

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