Manny Pacquiao Cryptocurrency Out in 6 Months

Oct 15, 2018 at 23:13

Singaporean firm, Global Crypto Offering Exchange (GCOX) is eyeing to release PAC Token, a cryptocurrency being developed in partnership with boxing icon, Manny Pacquiao not later than the first quarter of 2019.

Evan Ngow, the company’s chief communications announced the said information adding that Pacquiao invested a “significant amount” at GCOX. However, he did not specify the exact figures adding that its initial volume and value are still being negotiated.

“We tokenize the popularity of each celebrity. We are giving the celebrities a chance to create their own celebrity tokens… (The blockchain technology) allows us to share that success together with both of fans and celebrities. They are also incentivized not just by having the utility of connecting but they would also be able to buy, owning the tokens,” Ngow further stated.

He also mentioned that PAC Tokens can be used on the GCOX blockchain platform to avail exclusive merchandise including but not limited to used boxing gloves or jacket. The coin can also be utilized to interact with Pacquiao in meet-and-greet events.

Apart from the 8-division world champion, GCOX is also developing cryptocurrencies with footballer Michael Owen and popstar Jason Derulo.

It can be noted however that in the Philippines, Pacquiao’s home country, there is still no regulatory framework for cryptocurrencies and initial coin offerings that is in place.

The Philippine Securities and Exchange Commission targets to release its final rules before year-end as it is still gathering public comments for its draft.

Notably, Pacquiao is an elected senator in the Philippines but it is everybody’s guess whether he will author a law that will further promote the use of cryptocurrencies in the country.