The first branded coin ‘Pac’ token, launched by Philippine boxing champion Manny Pacquaio is ready to have its first and only initial exchange offering (IEO) on GCOX on 12th November at 9PM (GMT+8)!!
On 1st September 2019, GCOX presented the highly-anticipated Philippine senator Manny Pacquiao went live in a Concert 2019 event to launch PAC token together with more than 8,000 fans of boxing champion Manny Pacquiao in Manila.
The Pac token will senator Manny Pacquaio fans to buy merchandise and interact with each other via social media channels, will be listed on Singapore-based Global Crypto Offering Exchange (GCOX). It is learned that GCOX exchange will also be hosting other celebrity coins which are lined up to launch in the coming months which includes Danish tennis player Caroline Wozniacki, US singer Jason Derulo and ex-footballer Michael Owen.
Pac behaves like a normal cryptocurrency in the sense that it provides a digitally tradable token, categorised as utility token to get exclusive access to the life of Manny Pacquiaoand autograph merchandise, with a floating value secured by a decentralised ledger and unlike other popular cryptocurrencies, the value of the Pac is touted as being backed by demand from Pacquiao’s fan base for his merchandise.
The Pac can only be used to purchase goods within programs supported by Pacquiao’s digital payment system “Pacpay”, which only supports the purchase of Pacquiao merchandise.
Global Crypto Offering Exchange
GCOX founder and CEO Jeffrey Lin denied that the celebrity coins are designed to cash in on the growing but volatile interest in the crypto market. “We are not here to raise a lot of money but to build an ecosystem,” Lin told Reuters.
“GCOX helps celebrities leverage their popularity like never before by creating their own exclusive, personalised crypto, known as Celebrity Tokens. Through exclusive products, services, and social interactions, GCOX revolutionises the way celebrities interact with their fans, giving the public unparallelled access to celebrities.” the company said in a blog post.
“GCOX’s entire premise is built upon its four core platforms: Celeb-listing, celebreneur, celeb-connect, and celeb-charity, which in turn are based on GCOX’s proprietary blockchain known as Acclaim.”
Celebrity connections with Cryptocurrencies
Celebrities’ involvement with cryptocurrencies always been controversial. Music producer DJ Khaled and former boxer Floyd Mayweather were both fined a combined $765,000 by the United States SEC for unlawfully promoting three initial coin offerings.
Flyod Mayweather charged $100,000 to promote the digital token by saying on social media: “Get yours before they sell out, I got mine”. Khaled, meanwhile, called CentraCoin a “game changer” on Twitter for $50,000.
Pacquiao is the first celebrity to launch a cryptocurrency that uses fans to directly prop up the value of the currency. Other celebrities such as singer Jason Derulo, tennis star Caroline Wozniacki, and former soccer player Michael Owen are reportedly set to launch their own celebrity tokens later this year.