Boxing Star Manny Pacquiao Launches Own Crypto

Manny Pacquiao, a Philippine boxing champion-turned-politician, on Sunday launched his own digital currency.

Dubbed Pac token, the digital coin will be listed on celebrity-focused Global Crypto Offering Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (GCOX), according to a Reuters report.

Unlike most of the digital currencies, Pac coin will not be focused on raising any funds. Instead, it will provide access to the fans of the boxer to purchase exclusive merchandise and connect with him on social media.

The token was launched on Sunday in front fans of the Welterweight boxing champion at a free concert in Manila, Philippines.

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!

Register your interest for Pac Tokens at: https://t.co/cZQ6dBS61v now!https://t.co/UqFsxlsYTu #TeamPacquiao #PacTokens pic.twitter.com/cMQmVircTn — 世界初セレブリティープロジェクト (@yhgtrefdw) September 1, 2019

The token is financially backed by ex-Liverpool and England football player Michael Owen along with Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, as a private investor, the report detailed.

Bringing fans closer to celebrities

As Finance Magnates reported earlier, the Singapore-based crypto exchange offers tokens created and backed by celebrities, called celebrity tokens. Fans can use these so-called celebrity tokens to buy exclusive merchandise and services of their favorite celebrity.

The value of the token will reflect the popularity of the celebrity backing it, and the fans by holding any particular celebrity’s token will hold a part of his/her fame.

“We are not here to raise a lot of money but to build an ecosystem,” Jeffrey Lin, founder and chief executive of GCOX, said.

Pacquiao signed a deal with GCOX in March 2018 to launch his own celebrity token on the platform. He is also one of the private investors in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based company.

Late last year, the platform also signed the American singer and songwriter Jason Derulo to launch his own Pac token-styled token in the exchange. However, the launch date for the token is not public yet. Tennis star Caroline Wozniacki is among the other celebrities in line to launch her own crypto at GCOX.