Philippine boxing champion, Manny Pacquiao has announced the launch of his own cryptocurrency dubbed the “pac” before a crowd of fans in Manila.
The 40-year-old boxer who is also a Philippine senator while being serenaded by fans has unveiled his own cryptocurrency, the Pac, which he said will compete with BitCoin.
The pac primary purpose which he said he hopes to expand its use in future will be used to buy merchandise and interact with Pacquiao. He further added that the value of the Pac will be dependent on demand. "The Pac behaves like a normal cryptocurrency, providing a digitally tradeable token with a floating value secured by a decentralized ledger".
The boxer is launching the venture with help from the GCOX Group, a company in Southeast Asia that has developed a new model for celebrity tokens.
“GCOX revolutionizes the way celebrities interact with their fans, giving the public unparalleled access to celebrities,” the company says on its 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.”
Pacquiao will be the first major test of that model, although Jason Derulo and English soccer star Michael Owen are reportedly also planning launches with GCOX.
According to founder and CEO of GCOX Jeffrey Lin, “We are not here to raise a lot of money but to build an ecosystem,”