It’s all systems go as the much-awaited launch for Manny Pacquiao’s cryptocurrency finally nears.
Reports from The Strait Times, a Singapore-based daily broadcast, indicated that the Global Crypto Offering Exchange (GCOX), a Singapore-based start-up will be in charge of the crypto which is referred to as the Pac Tokens. The Pac Tokens will heavily rely on the Philippines boxing legend cum senator global popularity for a breakthrough in the highly competitive crypto market.
Pac token launch delayed by the Philippines Security and Exchange Commission
Pac tokens would already have been in use were it not for the setback by the Philippines Security and Exchange Commission which has not yet finalized on its laws regarding the Initial Coin Offerings which the Pac Tokens fall directly under. According to Evans Ngow, the chief communication officer for GCOX, the regulations should be ready for implementation before the close of the year.
GCOX is also cooperating with Pacquiao and team to establish the exact value and volume of Pac Tokens that will be presented for public consumption.
Championing ICO ideologies
Even before thinking of starting his own cryptocurrency, the eighth-division world boxing champion cum senator had already introduced himself to the crypto world as a brand ambassador for tGCO . tGCO is a celebrity-based blockchain platform which allows celebrities to create cryptocurrencies which their fans can acquire and use as payment for access to the celebrity’s content which is sold through the GCOX platform. The platform is also looking forward to developing the “ authoritative popularity index” the first of its kind which will be used to evaluate tokens created for celebrities in the platform thereby allowing the platform to list tokens as an “objective indication” of the celebrity’s popularity.
Pacquiao is the latest among the long list of celebrities who have endorsed the Initial Coin Offerings, a phenomenon attributed to last year’s boom in token sales. Among the celebrities who have promoted ICOs include Pacquiao’s greatest rival Floyd Mayweather who defeated him to carry the ‘Welterweight’ title in the match dubbed ‘Fight of the Century’. Also on the list is the Hall of Fame boxer Evander Holyfield who promoted an ICO whose operations were later halted by the US SEC.
SEC’s perspective on celebrity ICO endorsements
The SEC is not pleased with this latest development in the cryptocurrency world. As such, it has warned that agreements lacking appropriate disclosures including “the source, nature and the compensation plan by the company in exchange for the endorsement” will be deemed unlawful and action will be taken accordingly.