Filipino boxing champion Manny Pacquiao has launched his own cryptocurrency, becoming the first celebrity to be a fighter in the crypto arena. The 40-year-old boxer-cum-politician launched PAC tokens in a recent event in Manila to over his 2,000 fans who had attended.
GCOX’s #PacTokens is officially launched! Here’s a toast ?to Pac Tokens and getting a step closer to events and concerts by the man himself, Manny Pacquiao!
— Gcox Sparkle Unofficial (@yhgtrefdw) September 1, 2019
Considered by many as one of the greatest boxers of all time, Pacquiao becomes the first celebrity to launch their own cryptocurrency. However, he won’t be the last, with several other celebrities having announced their intentions to launch similar projects.
The PAC token will give the Pac-man’s fans the opportunity to buy merchandise and interact with the boxer on social media platforms. The tokens will also allow the fans to participate in unique challenges by Pacquiao and contest to win attractive prizes and rewards. The fans can as well redeem their Pac tokens for products such as an autographed Pacquiao glove or bid for an exclusive VIP box seat for a boxing match.
Pacquiao’s fans can also take part in his philanthropic efforts by donating using Pac tokens.
The tokens will be listed on Singapore’s Global Crypto Offering Exchange (GCOX). As revealed by the South China Morning Post, former Liverpool and England star Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, are some of the investors in the project.
While Pacquiao’s token is the first celebrity crypto to list on GCOX, it won’t be the last. The exchange’s founder and CEO Jeffrey Lin revealed that American pop singer Jason Derulo and Danish tennis player Caroline Wozniacki will also launch their tokens on the platform. “We are not here to raise a lot of money but to build an ecosystem,” hhe told the outlet.
Celebrities have been heavily involved in the crypto industry, some to make the world a better place and others just for quick bucks. For some, it hasn’t panned out so well as was the case with Pacquiao’s great rival Floyd Mayweather Jr. The American boxer landed in trouble with the SEC after he was found to have failed to disclose that he was paid to promote an ICO. The firm he promoted, Centra Tech, ended up being a scam project and took off with millions of dollars. The SEC fined Mayweather over $600,000 for his involvement.
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