Manny Pacquiao is an interesting person, to say the least. He’s also very accomplished. The dude has gone from a World Boxing Association super welterweight champion to a senator in his home country of the Philippines. He’s traversed the arenas of both professional sports and politics, and now, he’s tackling an entirely new industry: cryptocurrency.
KO: Pacquiao Conquers Digital Finance
The PAC is the new official digital asset released by Manny Pacquiao. The currency was launched last Sunday during a free concert in Manila - the capital city of the Philippines - in which Pacquiao was the primary singer! Is there anything this man cannot do? The former boxing champion performed covers of several old love songs, all of which are available on his latest album.
The PAC is being referred to as the first “celebrity cryptocurrency.” The coin is presently funded by several “famous faces” including former England and Liverpool FC footballer Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, who’s part of Abu Dhabi’s ruling family in the United Arab Emirates (UAE).
The coin is now listed on Singapore’s global crypto exchange known as GCOX. Founder and CEO of the exchange Jeffrey Lin explained to potential customers:
We are not here to raise a lot of money, but to build an ecosystem.
Interestingly, the currency has been hit with dozens of delays over the past 12 months. Initially announced in 2018, the PAC Coin was originally slated for release during the final months of 2018 but was then pushed to the first quarter of 2019. Now, nine months later, the currency is finally ready for trading and selling.
Through PAC coin, fans will be able to purchase merchandise related to Pacquiao and his boxing endeavors. They can also use it to “interact with him on social media.”
This isn’t the first time that celebrities have endorsed crypto. Another boxing legend - Floyd Mayweather - along with musician and “Snapchat king” DJ Khaled tied themselves to a cryptocurrency known as Centra, based in Miami. The cryptocurrency launched an initial coin offering (ICO) that employed both men as official spokesmen.
Other Celebs that Enjoy Crypto
Unfortunately, neither Mayweather nor Khaled disclosed to the public that they had been paid promotional fees. It wasn’t long before they faced the music from the Securities and Exchange Commission (SEC) and were required to pay hefty fines.
Other famous names to be tied to crypto include Ashton Kutcher, the former star of “That 70s Show.” The actor and one-time husband of Demi Moore is a huge fan of both bitcoin and Ethereum, having tweeted about the cryptocurrencies as early as 2014. In addition, Mike Tyson - continuing the boxing and crypto trend - partnered with Bitcoin Direct to launch a new set of cryptocurrency ATMs along with a digital wallet for Android and iOS devices.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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