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Except for a few companies, many brands owe their success to celebrity endorsements. They not only bring much-needed attention, but they also make it convincing that it is a safe and usable product. Cryptocurrencies are the latest entrants into the murky world of celebrity endorsements with the likes of Floyd Mayweather, The Game, Jamie Fox, Paris Hilton, and the list grows every day. With the incredible stories of Bitcoin millionaires, there is a cryptocurrency rush, and the number of cryptocurrencies issuing ICOs is climbing by the day.

What are ICOs

Initial Coin Offering (ICO) is much like the IPO (initial public offering) but instead of buying shares, investors exchange cryptocurrencies, and they are one of the new ways startups are funding their operations. They bypass the traditional fundraising methods such as venture capitalists and banks and directly raise money from anyone who invests in ICO. This is where the celebrities come in, using their multitude of followers, they endorse the companies behind cryptocurrencies, and on the ICO date, the followers invest in ICO, the companies get millions if not billions in USD and other currencies.

Cryptocurrencies remain a largely unregulated sector of the economy and billions of dollars exchanged via trading an ICO coin. The worst part is that nobody knows or understands the background of the companies or the stake they are getting, but the investors blindly follow the trends set by the celebrities. Here are celebrities who have joined the fray and are investing in ICO for cut of the money after their followers invest in the ICO.