Pac Token — the cryptocurrency token launched by Philippine boxing legend Manny Pacquiao, is set for its maiden initial exchange offering (IEO) on GCOX. The Singapore crypto exchange is known for offering support to altcoins linked to celebrity figures.
Initial investors and the core team for the altcoin will be hoping Pacquiao’s star power will help to trigger a successful IEO with plans for the token to be utilized in digital payment and merchant services. The development also provides further proof of the growing interest in celebrity-backed crypto tokens.
Pac Token Sale Begins with IEO Listing on GCOX
Singapore-based GCOX is ready to list Pac Token for its IEO following a successful token launch announcement in September 2019. The public sale will see crypto investors able to purchase the newly created cryptocurrency.
Noted figures like former England professional football, Michael Owen and Abu Dhabi royalty, Sheikh Khaled bin Zayed al-Nahyan already participated in a private investment round.
According to the project team, Pac Token holders will be able to interact with the boxer-turned Filipino senator on social media platforms. Token owners will also be able to use the cryptocurrency to purchase Pacquiao-branded merchandise.
For Jeffrey Lin, the GCOX CEO, the Pac Token IEO goes beyond a fundraiser for the project. According to Lin, the token sale event isn’t only to raise money but to create a framework for the development of the altcoin’s ecosystem.
Commenting on the utility of the token, the Pacquiao released a statement back in September, stating:
“PAC Tokens may also be used to support philanthropic and charity causes that I champion. Together with my fans, we can help more people in need and improve the lives of others.”
Post-IEO Plans for Pacquiao’s Crypto Token
Apart from the GCOX IEO token sale event, the Pac Token team is reportedly looking to launch Pacpay — a payment gateway that will use the crypto token. Pac owners will be able to make discounted purchases and also earn rebates on the service.
As a payment platform, Pacpay will require regulatory approval. Some reports suggest may receive backing from Chinese billionaire Jack Ma who owns the Alibaba conglomerate.
Alibaba’s Alipay is one of the major Chinese payment platforms with a significant presence outside mainland China. Ma has also been critical of cryptocurrencies stating that blockchain technology held greater promise.
If launched, Pacpay will become the latest crypto-related entrant into the digital payments arena. Across the globe, cryptocurrency is beginning to play a more significant role in electronic payments with some commentators forecasting that virtual currencies will eventually replace fiat in digital payment transactions.
The Pac Token team will be looking to mortgage the significant popularity of the boxing legend to not only reach its IEO token sale goal but to engineer massive adoption for the token. Pacquiao himself has been front and center of the marketing efforts for the token which may help to remove doubts held by some investors.
Crypto fundraising has declined significantly with initial coin offerings (ICOs) and IEOs no longer delivering hundreds of millions of dollars in token sales. Financial regulators in several countries have also created robust regulations to govern the crypto ICO market.
Growing Celebrity Crypto Involvement
While the Pac Token team touts itself as being involved in the first-ever celebrity cryptocurrency, other notable figures from across the world are reportedly looking to launch their virtual currencies. LaLiga — the top tier of Spanish football has also signed a partnership deal with GCOX to sell its tokenized merchandise in the Asian and Middle Eastern markets.
The emergence of celebrity-launched tokens appears to be an extension of the involvement of public figures in altcoin projects. Some popular figures have landed in trouble for endorsing altcoin projects in the past including the likes of DJ Khaled and popular boxer Floyd Mayweather. Suspected fraudsters have also taken to creating fake crypto investment schemes with false endorsements from celebrities.
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