The Stox.com initial coin offering, which was heavily promoted by boxing champion Floyd Mayweather Jr., has taken less than 34 hours to fill.
In total, the ICO took in 148,000 Ethereum tokens valued at approximately USD$33 million.
The ICO represents the seventh largest to date this year. Stox issued 200 STX tokens to investors in exchange for each Ethereum token raised.
The Company says it will now complete development of the Stox platform, which will represent a peer-to-peer marketplace where users can predict and wager on the outcomes of virtually any event, ranging from big sporting events to upcoming political elections.
Stox says that by using crowdsourced data and an underlying algorithm it can create dynamic outcome probabilities that generate real-time spreads in which its users will be able place wagers.
Based on the outcome of events, participants will receive a payout in STX tokens if they are correct in their prediction. Conversely, users placing a wager on an incorrect outcome will lose their tokens.
Stox says that event creators will be required to hold reserves in order to ensure payouts and the platform will generate fees each time users place a bet. The company also plans to offer ample liquidity to cash in and out of STX tokens.
Stox has partnered and plans to launch with the invest.com customer network in Q2 2018, with the end goal of creating a flexible and decentralized wagering market used by mainstream audiences.
For more information on the Stox platform visit www.stox.com.