Manny Pacquiao, one of the world’s most successful boxers has announced to launch a cryptocurrency to connect with fans, but also backed the regulation of virtual currencies. Pacquiao is the latest athlete to launch a virtual currency, following Floyd Mayweather and former England striker Michael Owen.
The Singapore-based Global Crypto Offering Exchange (GCOX), in which Pacquiao has invested, said it would unveil the “PAC Token” later this year, which would allow fans to buy the Filipino star’s merchandise and interact with him via live-streaming.
“It can be a way to be in touch with the fan base and (there are) a lot of things we can do with this cryptocurrency,”
Last year, Forbes magazine listed the once-poor boxer as the world’s 20th highest-paid athlete of all time, with career earnings of US$510 million (S$660 million).
This launch may be a surprise to the people worldwide, but more so for people in Asia, since governments across Asia are taking a more critical stance at cryptocurrencies following with the large fluctuations in the price market along with the online theft vulnerability of these cryptocurrencies. To start with just one, Coincheck, an online bitcoin wallet and exchange service headquartered in Tokyo, was hacked in January, making off with nearly $500 million in digital tokens.
Pacquiao, who is also a member of the Philippine Senate, also backed the regulation of cryptocurrencies. Thus, one could expect a win-win with the launch of Pacquiao’s cryptocurrency making the crypto investors happy while also adhering to the government rules and regulations.
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