The markets are set to receive a long-awaited cryptocurrency. News has it that Global Crypto Offering Exchange (GCOX) based in Singapore will be launching Pac Tokens, boxer Manny Pacquiao’s cryptocurrency. More often than not, GCOX has maximized on the identity of celebrities to build the awareness of tokens. Besides being a prominent Filipino politician Pacquiao is a well-known boxing legend. He also plays the role of a celebrity ambassador for a blockchain platform known as tGCO.
The plan is to have the PAC Token hit the market before the close of the first quarter of 2019. This is according to Evan Ngow, the GCOX chief communications officer. However, the Philippines are yet to adopt a regulatory framework, which will govern the issuance of cryptocurrencies and initial coin offerings (ICO).
Pacquiao’s cryptocurrency already has investors
The lack of rules regarding initial coin offerings is reportedly the sole reason for the delay in launching Pacquiao’s cryptocurrency. Nonetheless, Ngow says that the final rules regarding ICOs and VCEs should be ready before the end of the year. Meanwhile, the public does not know the volume and value of Pac Tokens once they are out in the market. However, Ngow noted that following a partnership with Pacquiao, the boxing icon has invested quite a significant amount of money.
A lot of celebrities have turned to the GCOX platform because of the fact that they can create their cryptocurrencies. Ngow stated, “We ‘tokenize’ the popularity of each celebrity. We are giving the celebrities a chance to create their own celebrity tokens.”
The popularity of the blockchain technology among celebrities
Blockchain technology has attracted a multitude of people from all walks of life. Apparently, GCOX’s blockchain platform will allow Pacquiao fans to purchase the icon’s exclusive merchandise.
It is worth noting that Pacquiao is just one of the many boxing legends who is involved in crypto. Others include Welterweight Champion Floyd Mayweather and former heavyweight champion Evander Holyfield. Plans are underway by GCOX to launch tokens for Jason Derulo and Michael Owen. The former is an American Singer while the latter is an English football legend.