World Boxing champion and politician, Manny Pacquiao launched his cryptocurrency. The eight-time division world champion announced its launch at his free concert in Manila yesterday.
Global Crypto Offering Exchange (GCOX) exchange will list the token. The Singapore-based exchange is a platform for celebrities to launch personalized tokens. Manny Pacquiao and former England and Real Madrid striker Micheal Owen are also private investors and advisors to GCOX.
Recently, the Exchange also signed a partnership with La Liga, the tier 1 Spanish Football league to issue ‘La Liga’ tokens. These will be available for customers in the Middle East and Asia. Jeffrey Lin, the CEO of GCOX told the media,
“This partnership will allow us to provide specific customer groups with opportunities, as well as attracting new customers and football fans, who will get to experience what La Liga is all about.”
The idea behind these partnerships is to provide a platform for fans worldwide to engage with their favorite celebrities and events. Some of the other stars who have shown interest in releasing their crypto on the platform include tennis superstar Caroline Wozniacki and award-winning pop artist Jason Derulo.
As reported earlier on CoinGape, Pacquiao’s arch-rival Floyd Mayweather and DJ Khalid were charged by the SEC for participating in ICOs. However, the new tokens launched in the market are backed by accredited investors. As citied by Mati Greenspan is gives them “leeway” over regulatory concerns.
Furthermore, these “celebrity tokens” are essentially fungible digital assets exclusively for the fans. It will provide incentives for its users. The revenue from the sales will primarily back the value of the tokens.
Do you think that cryptocurrency will help in increasing global engagement for fans? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com