This Is the Cryptocurrency Mark Cuban Is Backing

Business owner Mark Cuban, who recently helped Bitcoin's value drop after referring to it as a "bubble," is now thinking about yet another digital currency. And no, it is in no way Ethereum, but the UnikoinGold.

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

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

Unikrn has currently raised some $10 million from investors, including Ashton Kutcher. The company allows anybody 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 have the ability to exchange digital currency for Ether, the token under Ethereum.