Manny Pacquiao to launch own crypto ICO

Posted: 20 March 2018 2:54 pm
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Pacquiao will release his personal Celebrity Token, PAC Coin, exclusively on Global Crypto Offering Exchange.

Boxing superstar and Filipino senator Manny Pacquiao has signed on as the latest celebrity cryptocurrency ambassador, announcing plans for an initial coin offering (ICO) on Global Crypto Offering Exchange (GCOX).

Global Crypto Offering Exchange (GCOX) is a cryptocurrency exchange, based in the Philippines, that creates, lists and trades celebrity-owned cryptocurrencies, known as Celebrity Tokens. GCOX’s Celebrity Tokens will be used to purchase exclusive goods and services linked to a particular celebrity. Pacquiao’s token will be aptly titled PAC Coin, according to a report in multi-asset online trading knowledge hub Finance Magnates.

“Pacquiao will release his personal Celebrity Token, known as the PAC Coin, exclusively on GCOX. Fans will be able to access exclusive live streams, Team Pacquiao merchandise, and more with PAC Coins,” GCOX said.

The eight division world champion plans to return to the ring in Malaysia in May or June. His next fight will be against world champion Lucas Matthysse or Danny Garcia, after rejecting an offer to face Mike Alvarado in April.

Other notable GCOX investors include former English national football striker Michael Owen.

Pacquiao not the first celebrity to endorse cryptocurrencies

Bitcoiin recently enlisted American film actor Steven Seagal as the digital currency’s brand ambassador. However, the New Jersey Bureau of Securities issued a cease and desist order against Bitcoiin, otherwise known as Bitcoiin2Gen (B2G). The cryptocurrency is seeking financing as part of its initial coin offering (ICO).

Wu-Tang Clan, a hip-hop collective from Staten Island, New York City, are revered as one of the greatest rap groups of all time. One of the founding member’s offspring, Young Dirty, decided to launch a cryptocurrency.

Low-cost carrier AirAsia is considering entering the cryptocurrency space through the launch of an initial coin offering (ICO) which would become part of the Southeast Asian airline’s BIG Loyalty frequent flyer program.

Earlier this month, US Securities and Exchange Commission (SEC) chairman Jay Clayton bolstered the national regulator’s message to potential digital currency traders on the risks involved with crypto coin offerings.

So, should you or shouldn’t you buy the latest cryptocurrency or token? This is a common question posed to Securities and Exchange Commission (SEC) office of investor education and advocacy director Lori Schock.

“Never make an investment decision based solely on celebrity endorsements. Just because your favorite celebrity says a product or service is a good investment doesn’t mean it is. Always do thorough, independent research of the product,” Schock said. “Don’t fall for high-pressure sales tactics… demand clear answers.”

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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