This Is the Cryptocurrency Mark Cuban Is Backing

Entrepreneur Mark Cuban, who previously helped Bitcoin's value drop after calling it a "bubble," is now interested in another digital currency. And no, it is not Ethereum, but the UnikoinGold.

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According the Coindesk, Cuban is participating in another fundraising round of one of his portfolio companies, a sports-betting blockchain platform dubbed Unikrn, via an initial coin offering.

An ICO is a crowdfunding method that has grown in popularity as of late among blockchain startups, with more than 30 ICOs already this year. Companies sell their own digital currencies and use the proceeds to fund their businesses.

Unikrn has already raised some $10 million from investors, including Ashton Kutcher. The company allows anyone to place bets with its digital token, the Unikoin, according to Coindesk.

Investors will be allowed to register for the pre-sale starting mid-July. About 1 billion UnikoinGold tokens will be up for grabs.The company has yet to establish a price for the UnikoinGold, though investors will be able to exchange digital currency for Ether, the token under Ethereum.