The Philippine boxing champion, Manny Pacquiao, has just launched his own crypto token. The launch came at a recent concert in the Philippine capital of Manila. Specifically, this event saw the latest launch of a series of crypto launches spearheaded by public personalities.
What is Manny Pacquiao’s crypto really about?
This crypto token is currently known as the Pac token. Moreover, this “Pac” token will be listed on Singapore’s Global Crypto Offering Exchange (GCOX). Furthermore, this exchange is no stranger to celebrities.
Manny Pacquiao is already joined by the e-Liverpool Football Club star Micheal Owen, who is a fellow investor. As if these did not already grant the exchange enough star power, they also have other notable backing. For example, Sheikh Khalid bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling elite, is also backing the exchange.
However, this exchange is planning to launch a whole series of cryptocurrencies from celebrities. Owen will also launch his own cryptocurrency, as well as the tennis star Caroline Wozniacki, and the well-known singer Jason Derulo.
According to GCOX, this is all part of a wider plan to penetrate the market with a large suit of cryptos. “We are not here to raise a lot of money but to build an ecosystem,” GCOX’s CEO and founder, Jeffrey Lin, told Reuters in a recent interview.
Pacquiao’s crypto will be a tool to further interact with the boxer
At the launch event in Manila, Pacquiao sang to a crowd of more than 2,000 people. However, the boxer has previously attracted far greater crowds during his boing and singing career. The PAC token is also betting of the popularity of the boxer to boost awareness of the GCOX exchange.
“Pacquiao is idolised by many. People will be encouraged to check this innovation,” according to Aaron Baetiong, an attendant at the concert. As such, Pacquiao does not need to deliver any groundbreaking technologies in his token.
Rather, GCOX is betting that his star status will be enough to drive wider adoption of cryptocurrencies. The Pac token will reportedly be used to buy Pacquiao merchandise and to “interact with Pacquiao” using social media.
Pacquiao is also a Philippine senator, and is perhaps most recently known for defeating Keith Thurman in the WBA Welterweight Super Championship this past July. Nevertheless, the launch of this crypto currency looks like just another way to reportedly “interact” more closely with the star.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.