Filipino boxing icon Manny Pacquiao performs during a free concert to coincide with the launching of his own cryptocurrency “Pac Token” at a sports centre in Manila. | Source: Photo by MARIA TAN / AFP
By CCN Markets: Philippine boxer Manny Pacquiao has unveiled his own self-branded cryptocurrency known as ‘Pac’, Reuters reports. The Pac token will be available on Singapore’s Global Crypto Offering Exchange (GCOX). Plans to launch the cryptocurrency were initially announced last year in March.
The Pac cryptocurrency will basically be a utility token and will be primarily used by the fans of the boxing champion to purchase his merchandise and get special access to him on social media.
Besides being a boxer, Pacquiao is also a musician and has several albums under his belt. He has also hosted television shows or acted as himself in films and TV dramas. According to the founder and CEO of GCOX, the project is not meant to “raise a lot of money” but rather to “build an ecosystem”.
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Among the private investors in the Pac token includes ex-Liverpool and England striker, Michael Owen.
The boxing champion who also holds a senatorial seat in the Philippines now becomes the world’s first high profile figure to launch a celebrity cryptocurrency. Several other celebrities have announced plans to unveil their own cryptocurrencies but this has yet to materialize.
This includes music icon Akon who last year in June indicated he would launch a cryptocurrency branded Akoin.