The token of the legendary boxer and Filipino champion Manny Pacquiao was in the crypto news recently when the sportsman announced that he was issuing his own cryptocurrency – the PAC token. Now, the PAC token is following the crypto crowdfunding trend by engaging in an initial exchange offering (IEO) which is the courtesy of the Singaporean exchange GCOX. The sale for the token will open on November 12.
The Manny Pacquiao token was first hinted on at a free concert for fans in Manila during early September. While serenading his fans with love songs, the boxer informed them that they could soon buy his merchandise and interact with him on social media using the PAC token.
Right now in 2019, the IEO seems to be prepared – as a well proven method of gathering support and interest in a project. Even though the Binance news in 2017 showed that the exchange was the first to kick off the trend back then for its Bread and Gifto, the trend continued with the launch of BitTorrent which ignited a new era in crowdfunding with around $3.4 billion being raised through IEOs to date.
Meanwhile, GCOX is the exchange which will host the Manny Pacquiao token – and the first to offer an IEO platform specifically for celebrities who want to launch their own digital currencies. Even though the boxer is one of the first blazing the trail in this regard, it seems like there are many others who will follow. One of them is the tennis star Caroline Wozniacki, followed by the singer Jason Derulo, too.
GCOX is known to the markets as an exchange which provides a full suite of services for these “celebrity tokens” which includes the creation and listing of tokens on the exchange – and allows trading the tokens for products such as branded merchandise or other services including exclusive live streaming of events or social media shout-outs.
Manny Pacquiao is not the first celebrity to jump the crypto bandwagon. Before this, the boxer Floyd Mayweather also did the same – but was fined by the SEC for having promoted the scam ICO Centratech in exchange for $100,000.
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