StraitsTimes reports that Global Crypto Offering Exchange (GCOX), a Singapore-based cryptocurrency exchange firm is currently on the driving seat for the launch of the much-hyped ‘Pac Tokens’. The cryptocurrency is expected to leverage the Philippine Boxing Legend’s popularity.
Financial watchdog blamed for delay
According to the news outlet, GCOX’s chief communications officer Evan Ngow claimed that the only aspect derailing the process is the Philippines Securities Exchange Commission, who have still not set rules regarding Initial Coin Offerings (ICOs). Ngow expects that new rules will be set by the end of the year.
In respect to this development, GCOX has been partnering with Pacquiao’s team in determining the volume and value of Pac Tokens that will be issued to interested investors when the project finally takes off.
The ‘popularity index’
Manny Pacquiao is an eight-division world champion and is currently a celebrity ambassador of tGCO, a notable blockchain platform known for allowing celebrities to create their own cryptocurrency that can be used by their fans to get access to exclusive celebrity-related content, usually sold via the GCOX platform. One of the main objectives for the platform is to establish the first ‘authoritative popularity index’ by assessing the valuation of tokens that have been created for celebrities on the platform. By listing the tokens on the platform, they hope to make create an ‘objective indication’ of a celeb’s status as per their popularity.
Boxing legends galore
Notably, there have been other boxing legends who have thrown their weight behind cryptocurrency including welterweight champion Floyd Mayweather, known for having promoted various ICOs in the past and Evander Holyfield, a Hall of Fame boxer, who also endorsed an ICO that was later served with a cease-and-desist order by the SEC.
Apart from planning to launch Pac Tokens, GCOX is also in talks to launch tokens for English football legend Michael Owen and American singer Jason Derulo. Both Michael Owens and Pacquiao, who is currently a Philippine senator, have invested substantially in GCOX.