Manny Pacquiao, a Philippine boxing champion-turned-politician, on Sunday launched his own digital currency.
Dubbed Pac token, the digital coin will be listed on celebrity-focused Global Crypto Offering Exchange (GCOX), according to a Reuters report.
Unlike most of the digital currencies, Pac coin will not be focused on raising any funds. Instead, it will provide access to the fans of the boxer to purchase exclusive merchandise and connect with him on social media.
The token was launched on Sunday in front fans of the Welterweight boxing champion at a free concert in Manila, Philippines.
GCOX’s #PacTokens is officially launched! Here’s a toast 🥂to Pac Tokens and getting a step closer to events and concerts by the man himself, Manny Pacquiao!
— 世界初セレブリティープロジェクト (@yhgtrefdw) September 1, 2019
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The token is financially backed by ex-Liverpool and England football player Michael Owen along with Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, as a private investor, the report detailed.
Bringing fans closer to celebrities
As Finance Magnates reported earlier, the Singapore-based crypto exchange offers tokens created and backed by celebrities, called celebrity tokens. Fans can use these so-called celebrity tokens to buy exclusive merchandise and services of their favorite celebrity.
The value of the token will reflect the popularity of the celebrity backing it, and the fans by holding any particular celebrity’s token will hold a part of his/her fame.
“We are not here to raise a lot of money but to build an ecosystem,” Jeffrey Lin, founder and chief executive of GCOX, said.
Pacquiao signed a deal with GCOX in March 2018 to launch his own celebrity token on the platform. He is also one of the private investors in the blockchain-based company.
Late last year, the platform also signed the American singer and songwriter Jason Derulo to launch his own Pac token-styled token in the exchange. However, the launch date for the token is not public yet. Tennis star Caroline Wozniacki is among the other celebrities in line to launch her own crypto at GCOX.