Mark Cuban is planning to Invest in New Digital Currency

Controversial investor; Shark Tank star and Dallas Mavericks owner Mark Cuban is planning to invest in a proposed cryptocurrency called Unikrn or UnicoinGold.

“I haven’t signed the paperwork yet, but it’s likely it will happen,” Cuban told CNBC in an email. “I want to learn more about them.”

Unikrn is a sports betting site that would allow bettors to use a proprietary cryptocurrency of the same name. Even though he does not like to talk about it, Cuban made much of his money through sports betting.

This deal might be an indication that Cuban is not planning to run for political office. Online wagering; like that offered by Unikrn, is illegal in the United States under a federal law called the Wire Act.

If these reports are true Unikrn would be the first Initial Cryptocurrency Offering (ICO) that Cuban will invest in. Cuban has been highly critical of the most popular digital currency bitcoin in the past denouncing it as a bubble. The astounding growth in cryptocurrency values in recent months might have changed his mind.

Cuban plans to Invest in Initial Cryptocurrency Offering

Unikrn is one of several new cryptocurrencies on the market. The ICO of Bancor; a cryptocurrency named after a currency proposed by the great economist John Maynard Keynes, raised $150 million, CNBC reported. Cuban and Unikrn might be hoping for a similar payday with their ICO.

Unikrn was founded in 2014 and has raised $10 million in venture capital, Coindesk reported. The website did not say how much Cuban is planning to invest in the project. It has issued around 250 million cryptocoins called Unicoins in existence and plans for a new token called UnikoinGold. The company hopes to issue one billion units of UnikoinGold.

Unikrn has attracted some big money investors in the past including Ashton Kutchner and Elizabeth Murdoch. There is no word on when Cuban will make his investment in Unirkrn or how many unicoins he plans to buy. One has to wonder what other big name investors will follow Cuban into the world into the world of cryptocurrency?