Manny Pacquiao, world-renowned celebrity and boxing champion, just launched his proprietary cryptocurrency. It was reported by the South China Morning Post on September first that the boxer turned singer and politician just did this while being supported by private investors like Sheikh Khaled bin Zayed al-Nahyan and Michael Owen.
The new token will be called PAC and is listed on GCOX (Singapore’s Global Crypto Offering) Exchange. Fans can now buy merchandise and use Pac to interact with Manny through social media.
Jeffrey Lin, GCOX CEO and Founder, declared that this token is not meant to raise money. It is created to build an ecosystem.
At the moment, the current WBA Welterweight title holder, Manny Pacquiao, is senator in Philippines and actually held a concert in order to announce the launch of the Pac.
What is particularly interesting at the moment is that there are many other celebrities that want to launch cryptocurrencies. It was previously reported that songwriter-singer Jason Derulo is on the list and wants to use the same GCOX platform.
Evan Ngow, GCOX communications officer, declared:
“We are committed to assembling a diverse, multi-talented array of stars at GCOX, and Jason will certainly not be the last musician to join our ranks.”
GCOX uses a technology that is build on Acclaim and is designed in order to help celebrities, no matter the career point at which they are.
Pacquiao might be just the very first celebrity that launches a cryptocurrency but he is definitely not the first one that announced he is interested in this. It is easy to understand why celebrities might want to use their influence to get a good start in this industry.
The problem is that such tokens have a naturally limited use. They can be utilized by investors that want to take advantage of the popularity of a celebrity and potential growth but this would be impossible if the tokens would be stablecoins.