Global Crypto Offering Exchange (GCOX), a Singapore-based startup, is progressing with plans to launch a cryptocurrency backed by Filipino boxing legend Manny Pacquiao.
The so-called Pac Tokens are likely to be introduced by the end of this year or during the first quarter of 2019, according to Straits Times.
GCOX claims to be the world’s first platform that “tokenises popularity”, by helping celebrities create their personal crypto tokens which can be used by fans to buy the celebrities’ products and services.
Evan Ngow, GCOX’s Chief Communications Officer, says the platform is currently waiting for the Philippine Securities and Exchange Commission to finalise its rules regarding initial coin offerings (ICOs). These regulations should be ready before the end of the year, Ngow says.
Pacquiao, who is also a Senator of The Philippines, signed up with the platform in March. Other celebrities on the platform include retired English footballer Michael Owen and American singer Jason Derulo.
Fans can use Pac Tokens to buy Pacquiao’s merchandise, such as used boxing jackets or gloves. GCOX is still in negotiations with Pacquiao’s team regarding the value and volume of the tokens in the initial offering.
Other boxers involved with crypto include Welterweight Champion Floyd Mayweather, who has promoted several ICOs in the past, and Hall of Fame boxer Evander Holyfield, who endorsed an ICO that was later given a cease-and-desist order by the US Securities and Exchange Commission.