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Philippines Boxing Icon Manny Pacquaio’s PAC Token to Launch Late 2018 or Early 2019

Photo for the Article - Philippines Boxing Icon Manny Pacquaio's PAC Token to Launch Late 2018 or Early 2019

October 17, 2018.Senator and boxing champion Manny Pacquiao’s cryptocurrency, PAC Token will launch late this year or early next year according to Global Crypto Offering Exchange’s (GCOX) Chief Communications Officer, Evan Ngow.

On the sidelines of Blockchain Fair Asia event in SMX Convention Center, SM Aura, Mr. Ngow revealed that PAC Token will launch in the Singapore-based Global Crypto Offering Exchange within the Q4 2018 – Q1 2019 time frame.

GCOX is a crypto exchange that offers celebrities to “tokenize” their popularity. Celebrities can issue tokens that will allow them to connect with their fans and, depending on the agreement with their agencies, get revenue directly.

For example, if a person owns a Pac Token, they can use this to buy Manny Pacquiao merchandise like boxing gloves, or redeem to watch a Livestream of his match. Anyone with the celebrity coin, Mr. Ngow noted, may also get a special birthday greeting from the celebrity themselves.

Furthermore, the tokens can be used to participate in meet-and-greet events with the celebrity.

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Other celebrities that will also issue their own tokens at GCOX are football star Michael Owen and singer Jason Derulo.

How about launching Pac Tokens in the Philippines?

“The Philippines is Manny’s home turf,” said Mr. Ngow to BitPinas in an earlier blockchain event called “Blockchain Asia Forum“, held last June 2018. “..we know that at one point we must launch here,” he said further.

However, the launching of Pac Tokens in the Philippines will depend on the upcoming rules on security tokens & initial coin offerings being drafted by the Securities and Exchange Commission (SEC). The government agency wants all tokens to be registered if they are deemed securities in order to protect the public’s investments. The deadline for submitting comments regarding the draft rules has ended although SEC said they are still accepting comments for the time being.

Whether Pac Tokens will be issued by local cryptocurrency trading exchanges is still in the cards because the Commission is also currently setting up rules and guidelines for crypto trading platforms that have order-book style exchanges similar to the Philippine Stock Exchange.

The partnership between Mr. Pacquiao and GCOX was officially unveiled last March 2018. The boxing legend was presented as one of GCOX’s notable investors, having invested a significant amount into the platform.

The Blockchain Fair Asia event was held last October 11 – 12, 2018 at SMX Convention Center, SM Aura. The event has featured a pitching event where founders pitched their blockchain projects to notable investors from various blockchain investment groups.

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