Stox to launch token sale for its new prediction market
Stox.com is Invest.com’s prediction market product and it’s getting a little boost through a newly-opened token sale using Bancor’s smart token protocol. This announcement, while full of jargon, means that Stox will be able to raise money to develop infrastructure and increase its marketing and sales groups.
Stox is a spin-off of Invest.com, an established player in the financial market. Invest sees $50 million in annual revenue and 8 million registered clients. Stox will be an “open source, Ethereum-based prediction market platform” according to the team.
“The biggest difference, is that there is a real, substantial, experienced company behind this,” said CEO Ophir Gertner. “This isn’t a few folks and a whitepaper that have never managed a company, dealt with user acquisition, weather the ups and downs, etc.”
The team is calling its raise a “token generation event,” a move that distances them from the concept of the initial coin offering or ICO so popular in crypto jargon. Users can use the single token on Stox.com to “trade” on the outcome of “finance, sports, politics and even the weather.” Because it is open source anyone can connect to the platform and post a trade.
“Stox will feature Invest.com as its debut provider, but will be built in such a way that allows independent operators to join and partake in its ecosystem as well,” said Gertner.
The team isn’t concerned about the recent dip in cryptocurrencies.
“Rather than a negative signal for the space, we see it as supporting our assertion that this is exactly why you need real companies involved,” said Gertner. “Teams that have weathered the ups and downs of running a real business, that are experienced in user acquisition, and so forth.”