Boxer Floyd “Money” Mayweather, best known for spending gobs of money in ridonkulous ways and punching other guys in the face, is now using Instagram (naturally) to promote the cryptocurrency ICO (Initial Coin Offering).
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The image shows Mayweather on a private jet with stacks of actual paper currency (how ironic!) laid out in front him. In the caption, Mayweather boasts about the money he’ll make on August 26, 2017 — the date of his much-anticipated fight against UFC Champion Connor McGregor — and the money he’ll also make on August 2, 2017.
A post shared by Floyd Mayweather (@floydmayweather) on Jul 27, 2017 at 11:46am PDT
It’s not clear whether Mayweather is investing in Stox.com — their website even has a nifty little countdown clock to when the sale begins — or endorsing the company. Mashable has reached out to Mayweather’s representatives for comment.
The initial coin offering (sometimes also called a token crowdsale) is, in certain ways, similar to an initial public offering. Instead of stock, in an ICO a company sells a number of cryptocurrency tokens.
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Every ICO is a little bit different, but typically there’s a time limit for the sale, and a maximum number of tokens that will be sold. Once those limits are reached, the sale is done, and the owners can use their tokens as they please.
Recently, blockchain startup Tezos raised a (virtual) ton of money in an ICO.
Fortune notes that ICOs may occupy a very tricky legal area as far as the SEC (Securities and Exchange Commission) is concerned.
This week, the SEC added to those doubts when it ruled that the “coins” sold in one high-profile ICO were actually unlicensed securities—a violation of federal law. The agency’s finding was widely interpreted as a shot against the bow against other companies conducting ICOs.
As for Mayweather, his whirlwind press tour with McGregor promoting their upcoming bout was such an idiotic mess that this feels reasonably sane in comparison.
Whether these specific stacks of cash are destined for investment is unknown but, given Mayweather’s habits, it wouldn’t surprise many if he just lit the stack on fire to watch it burn.
Additional reporting by Stan Schroeder
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