As per StraitsTimes report, Singapore based Global Crypto Offering Exchange (GCOX) is in charge of the launch of the Pac Tokens, the digital currency that leverages on the popularity of the Philippine boxing legend Manny Pacquiao.
The news outlet cited GCOX chief communications officer Evan Ngow who stated that only delay being experienced is with the Philippine Securities and Exchange Commission who is yet to finalize its rules for initial coin offering. As per Ngow, the regulation should be ready before year-end. The company is also working with Manny Pacquiao’s team on the volume and value of Pac tokens to be issued out to the public.
A boxing legend, an eight-division world champion, is also a celebrity ambassador for tGCO, a platform that enables celebrities to develop their digital currencies which fans can use to pay for access to exclusive celebrity-related content sold by the GCOX platform. The platform’s objective is to establish the first ‘authoritative popularity index’ through the valuation of tokens develop for celebrities, and it asserts the listing of the tokens n its platform will work as an ‘objective indication’ of the celebs popularity.
Other boxers that have been associated with cryptocurrency in the past include Welterweight Champion Floyd Mayweather who promoted many ICO’s in the past, meanwhile Hall of Fame boxer Evander Holyfield also supported an ICO that was later slapped with a cease-and-desist order by the US Securities and Exchange Commission.
Besides from the launch of Pac Tokens, GCOX is further preparing to launch tokens for English football legend Michael Owen and American Singer Jason Derulo.
As per a report in a local business publication Entrepreneur Philippines, Manny Pacquiao has invested an undisclosed amount in GCOX. Meanwhile, the company’s website asserts that retired footballer Michael Owen is also an investor.