Stox, a prediction market ICO, has been gaining traction since their initial ICO at the beginning of August. First, Floyd Mayweather, who netted hundreds of millions of dollars in his historic bout against Conor McGregor, said he was planning to “make a $hit t$n of money” on Stox, now famous Barcelona and Uruguayan striker Luis Suarez has shown his interest.
Suarez also posted on Instagram about Stox, indicating that he would be predicting a Roger Federer crown for the US Open, while also urging others to sign up to Stox along with him.
Stox has hit the headlines a few times since late July as the mania surrounding ICOs, as well as digital currencies in general – led by Bitcoin – started infiltrating the mainstream market.
Mayweather’s interest in prediction markets, and the Ethereum-based ICO, seem to fuel the fire for Stox, as their platform is geared around investors placing digital currency tokens on event-based outcomes, such as sports events.
Stox took ninth spot in the records sweeps for ICOs in 2017, in terms of size, with others like Bancor hitting astronomical numbers within short spaces of time.
Founder Ophir Gertner, has said that he believes Stox will overtake the likes of Gnosis and Augur, because the team is not standing still
“This isn’t our first startup and that makes a huge difference,” Gertner said “Traction at Stox is measured daily, whether it’s business development, marketing or R&D, everyday is about gaining ground. A successful ICO is a great start, but it’s only the beginning of the journey, not the destination.”
Disrupting traditional markets
Stox is a prediction market company which lets people invest in the outcome of different things, from sporting events to the weather and even elections. They are competing with two companies that ICO’d as well: Augur, with a $283 mln market cap, and Gnosis, with a $210 mln market cap.
Stox, which is currently valued at $47 mln looks like it’s taking the competition seriously. Case in point, its recent announcement that it has signed a Letter of Intent for the purchase of a company with two UK gambling licenses. The company has stated that diligence is already in process.
Less than four weeks after their $33 mln ICO, Stox is already heading into Alpha testing. This news was brought to market with another celebrity, this time, Suarez.
“The idea behind it is to get the community involved in the product development process. That’s key for us. And with over 3000 sign-ups in the first week alone to our Alpha already, we couldn’t have asked for a better start.”