Manny Pacquiao, ESPN’s top 2 pound-for-pound boxer and the Boxing Writers Association of America’s “Fighter of the Decade”, is set to venture into digital currency as a blockchain investor in the Singaporean start-up firm GCOX or Global Crypto Offering Exchange. GCOX claims to be the first crypto exchange that allows celebrities to create their very own cryptocurrency called Celebrity Tokens. Pacquiao, who was Forbes second highest paid athlete in the world in 2015 – will also release his own digital coin, the PAC Coin.
The PAC Coin is a digital currency that will allow users to purchase Pacquiao-related items which are available exclusively on the platform of GCOX. GCOX’s press release touts Pacquiao as the firm’s official celebrity ambassador who will utilize the company’s cryptocurrency services. Using GCOX’s platform, celebrities will be able to sell their merchandise, stream pay-per-view-like video content, as well as encourage fans to donate to their chosen charity via Celeb-Charity. GCOX stated, “Pacquiao’s presence on GCOX’s social interaction platforms such as Celeb-Connect, Celebreneur and Celeb-Charity promises more avenues for closer interaction with the renowned boxing champion, as well as access to exclusive content and merchandise.”
GCOX claims that a cryptocurrency’s value is determined by “open market forces” and is supposed to indicate the popularity of a particular celebrity. According to a report by Finance Magnates, Pacquiao will be the first celebrity on GCOX’s platform that will have his own token. Website BoxRec.com ranks Pacquiao as the top 4 “greatest pound for pound boxer of all time”.
Besides Pacquiao, U.S. boxer Floyd Mayweather similarly supports cryptocurrency. Mayweather, who defeated Pacquiao in a 2015 fight, promoted blockchain firm Stox. In Mayweather’s August 2017 Instagram post, he claimed that he was to “make..money on August 2nd on the Stox.com ICO.” However, the sale for the Stox Token was not available for American citizens.