Boxing celebrity Manny Pacquiao has entered the cryptocurrency game but not in the way you might think.
Pacquiao launched his own currency, aptly named “Pac”, at a free concert he held in Manila, Philippines. But the currency is more of a token for buying his merchandise online rather than an actual currency. Fans of the professional boxer will get a chance to use Pacs to buy items bearing his name and even interact with him. Something that’s similar to a fan-based app from actor Jeremy Renner.
The Pac’s value behaves like usual cryptocurrencies such as Bitcoin and the upcoming Libra as it provides digital tokens used for trade with floating value backed by a decentralized ledger.
The venture is a joint effort between Pacquiao and southeast Asian celebrity token developer, GCOX Group. According to the company’s website, “GCOX revolutionizes the way celebrities interact with their fans, giving the public unparalleled access to celebrities. This platform also allows celebrities, at the different stages of their celebrity life cycle, to develop, monetize and revitalize their popularity through the various mediums that are housed on the ACCLAIM blockchain.”
With the Pac’s rollout, Pacquiao is considered as the first to run major live trials of the model. Singer Jason Derulo and soccer star Michael Owen are reportedly expressing interest in their own models from GCOX.
A number of celebrities have had their fair share of troubling run-ins as they back cryptocurrency ventures. Action star Steven Seagal became an ambassador for Bitcoiin which was given a cease-and-desist order from authorities in New Jersey back in 2018.