Floyd Mayweather, the professional boxer who defeated Manny Pacquiao in a historic match and remains the undefeated boxing champion, has also caught the cryptocurrency fever.
Mayweather took to Instagram to promote the Initial Coin Offering (ICO) for Hubii Network – a venture that vows to be a decentralized Blockchain-based content marketplace. An ICO works in a somewhat similar manner as an Initial Public Offering (IPO), except instead of stocks companies sell a particular number of cryptocurrency tokens. After all the tokens have been sold the owners can use them in any way they want. All tokens have a certain value attached to them and can be traded.
In his post, even though he refers to himself as Floyd Crypto Mayweather, he uses #ad so it is possible he is just getting paid to this and hasn’t participated in the ICO himself. However, this isn’t the first time he has expressed interest in cryptocurrency. Back in July, in a lavish manner true to his style, he promoted the ICO for Stox.com on Instagram and it also included #ad.
As Bitcoins and other cryptocurrencies have gained momentum, companies are rapidly using ICO to raise funds. The aforementioned company Stox.com, which Mayweather promoted, raised $30 million dollars from its token sales. Earlier this summer, a startup called Bancor raised $153 million on Ethereum in less than three hours of its ICO, making it the largest token sale ever.
Bitcoin is the oldest and the most-used cryptocurrency but hundreds of others have popped up too. To understand more about how Bitcoin works, how they are created, and how to buy/sell them in Pakistan, read our detailed guide on Cryptocurrency.