Invest.com is launching a prediction market product called Stox, with a “token generation event” (STX) on August 2nd, as the company seeks to raise $30 million to build infrastructure and increase its sales & marketing teams. While our focus here at JWS is public equities, this pseudo-ICO is noteworthy for two reasons:
- The platform uses crowd sourced information so that everyday people (like Fan Marino) can predict and trade on, using digital tokens as currency, the outcome of sporting events (+Finance, Politics, Weather etc.).
- Floyd “Money” Mayweather, who has a history of posting gambling tickets after he’s won, has been boasting on Instagram that he’s going to “make a $hit t$n of money … on the Stox.com ICO”.
While some insiders are calling Mayweather getting in on the action “peak ICO”, invest.com is a real company with $50 million in annual revenue and 3 million registered clients, differentiating STX from dozens of unknown companies, that together have raised in excess of $1 billion in ’17.
Howie Long-Short opines: What the wise do in the beginning, fools do in the end.
Fan Marino says: If I have to choose between Floyd or Lenny Dykstra for investment advice, I’m going TMT every single time.