News 'Celebrity Crypto' Launched By Philippine Boxer

‘Celebrity Crypto’ Launched By Philippine Boxer

-

- Advertisment -

Champion boxer Manny Pacquiao announced the launch of his own cryptocurrency at a free concert in Manila, The Verge reported on Monday (Sept. 2).

Called the “Pac,” it will allow fans to buy merchandise and interact on social media with the 40-year old boxer, Philippine senator and former basketball player, reports said. 

The Pac will act like a normal cryptocurrency in the sense that it provides a digitally tradeable token with a floating value secured by a decentralized ledger. But unlike other cryptocurrencies such as bitcoin, the value of the Pac is touted as being backed by demand from Pacquiao’s fan base for his merchandise. 

The Pac can only be used to purchase goods within programs supported by Pacquiao’s digital payment system “Pacpay,” which only supports the purchase of Pacquiao merchandise.  

Pacquiao developed the cryptocurrency with the GCOX (Global Crypto Offering Exchange) Group, a Southeast Asia-based film specializing in a celebrity token model.

“GCOX helps celebrities leverage their popularity like never before by creating their own exclusive, personalized crypto, known as Celebrity Tokens. Through exclusive products, services, and social interactions, GCOX revolutionizes the way celebrities interact with their fans, giving the public unparalleled access to celebrities,” the company said in a blog post“GCOX’s entire premise is built upon its four core platforms: Celeb-listing, celebreneur, celeb-connect, and celeb-charity, which in turn are based on GCOX’s proprietary blockchain known as Acclaim.”

Pacquiao is the first celebrity to launch a cryptocurrency that uses fans to direct the value of the currency. Other celebrities such as singer Jason Derulo, tennis star Caroline Wozniacki and former soccer player Michael Owen are reportedly set to launch their own celebrity tokens later this year. 

U.S. President Trump has joined the chorus of government leaders, banks and regulators around the world who feel that cryptocurrency is too volatile and has the potential for misuse by criminals. Bitcoin has risen in value since the announcement of Libra, Facebook’s planned cryptocurrency, but the digital token reportedly didn’t move much on the words of the president.



Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -'Celebrity Crypto' Launched By Philippine Boxer

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -'Celebrity Crypto' Launched By Philippine Boxer'Celebrity Crypto' Launched By Philippine Boxer

You might also likeRELATED
Recommended to you