Manny Pacquiao launches world first ‘celebrity cryptocurrency’

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Manny Pacquiao, who rose to fame as a boxing champion and have become a senator in his dwelling nation the Philippines, has prolonged his curriculum vitae additional by turning into a cryptocurrency mogul.

Mr Pacquiao, 40, has launched what’s touted because the world’s first ‘celebrity’ cryptocurrency: the PAC Coin. Former England and Liverpool FC footballer Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling household, have invested within the forex, listed on Singapore’s International Crypto Providing Change (GCOX).

Being knowledgeable singer in addition to a sportsman, politician and now crypto boss, Mr Pacquiao launched PAC Coin by singing love songs to 2,000 followers within the Filipino capital. These moved sufficient to speculate can use the forex to purchase Pacquiao merchandise and work together with him on social media.

Danish tennis participant Caroline Wozniacki and US singer Jason Durelo are set to observe Mr Pacquiao’s lead by releasing their very own cryptocurrencies by means of GCOX. Jeffrey Lin, founder and CEO of the Singaporean agency, advised Reuters: “We aren’t right here to lift some huge cash however to construct an ecosystem.”

Beforehand celeb involvement in cryptocurrency centered on endorsement or non-public funding somewhat than stars launching these of their very own.

Floyd Mayweather, who Mr Pacquiao misplaced a boxing match billed because the ‘Fight of the Century’ to in 2015, has promoted a cryptocurrency advertising and marketing agency named Crypto Media Group. In 2017 former skilled basketball participant Dennis Rodman endorsed PotCoin: a cryptocurrency used to purchase marijuana within the US.

Mr Pacquiao is well known as a hero within the Philippines, the place he has been a senator since 2016. Aaron Baetiong, 38, who watched the live performance, advised Reuters: “Pacquiao is idolised by many. Folks might be inspired to examine this innovation.”

Richard Parris, co-founder of Saito, an organization creating blockchain, the record-keeping expertise behind bitcoin, advised The Telegraph that PAC Coin was “an interesting idea: essentially creating a digital collectible that can be exchanged for physical ones.”

Talking of Mr Lin’s remark about creating an “ecosystem”, he added: “I presume he’s talking about a collectibles ecosystem for fans of the celeb… extensive trading with exchange fees will make the money.”

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