Pacquiao launches own cryptocurrency
Champion boxer and senator Manny Paquiao has launched his own cryptocurrency in Manila on Sunday. The currency called “pac” is more of a currency for a fan marketplace, giving fans a chance to buy merchandise and be able to interact with Pacquiao.
The GCOX Group, a company in Southeast Asia that has developed a new model for celebrity tokens, is helping Pacquiao with the venture. “GCOX revolutionizes the way celebrities interact with their fans, giving the public unparalleled access to celebrities,” the company says on their website. “This platform also allows celebrities, at the different stages of their celebrity life cycle, to develop, monetize and revitalize their popularity through the various mediums that are housed on the ACCLAIM blockchain.”
The first major test for the cryptocurrency model will be Pacquiao, though Jason Derulo and English soccer star Michael Owen are reportedly also planning launches with GCOX.
The cryptocurrency used by Pacquiao is the first that would use a celebrity’s fan base to directly prop up the value of the currency to a more viable approach.