Singaporean startup, Manny Pacquiao to launch cryptocurrency PAC Token

Singapore-based Global Crypto Offering Exchange (GCOX) is targeting to launch boxing legend Manny Pacquiao’s cryptocurrency, PAC Token, not later than the first quarter of 2019.

Singapore-based Global Crypto Offering Exchange (GCOX) is targeting to launch boxing legend Manny Pacquiao’s cryptocurrency PAC Token not later than the first quarter of 2019.

“For Pac Token, we are looking at launching, probably by end of Q4 or Q1 [next year],” GCOX chief communications officer Evan Ngow told reporters on the sidelines of the Blockchain Fair Asia 2018 in Taguig City on Thursday.

PAC Token is the result of talks between GCOX and Pacquaio since December 2017.

There is no regulatory framework in place in the Philippines on cryptocurrencies and initial coin offerings (ICO).

“The public consultation on the Securities and Exchange Commission (SEC) draft rules on initial coin offering ended this 30 Sept. 2018 ... but the SEC will still accept comments even beyond that deadline and until the final rule is issued,” Armand Pan, SEC spokesperson, told GMA News Online on Friday.

The draft Virtual Currency Exchange (VCE) rules will soon be issued for public to comment.

“The target is to issue the final rules on both ICO and VCE within this year,” Pan said.

The boxing icon invested a “significant amount” at GCOX, said Ngow, noting that partnership with Pacquiao was officially launched last March.

Ngow said the volume and value of PAC Tokens that GCOX will initially offer are still under negotiations with Pacquaio’s camp.

“We ‘tokenize’ the popularity of each celebrity. We are giving the celebrities a chance to create their own celebrity tokens,” he said.

The advent of blockchain technology “allows us to share that success together with both of fans and celebrities. They are also incentivized not just by having the utility of connecting but they would also be able to buy, owning the tokens,” Ngow noted.

PAC Tokens can be used by Pacquiao fans on GCOX’s blockchain platform to purchase the boxing icon’s exclusive merchandise such as his used boxing gloves or jacket.

The digital currency can also be used to interact with the boxing icon by participating in meet-and-greet events.

Apart from Pacquiao, GCOX plans to launch tokens of other celebrities such as English footballer Michael Owen and American singer Jason Derulo. —VDS, GMA News