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By entering the crypto-sphere, Pacquiao follows in the footsteps of his U.S. rival, Floyd Mayweather Jr. Mayweather Jr., who bested Pacquiao in 2015’s welterweight title bout, billed ‘Fight of the Century’, has already been involved in several ICOs.
Although, Mayweather’s Centra ICO, which raised $30 million worth of Ether in June of 2017, was at the centre of a class-action complaint in December of the same year. The charge was issuing unregistered securities, a common complaint directed at ICOs in the US.
SEC warns against celebrity-endorsed ICOs
Indeed, the SEC has specifically warned against blindly investing in celebrity-endorsed token sales because they are often less-than-legitimate. And celebs often lend their names to projects they no little about for undisclosed sums of cash.
The US government is eager to put a stop to this. They want ICOs to be transparent in the amount paid to celebrities. Or, have celebrities prove that they are themselves investing in the projects or at least know what they are about.
What is PAC Coin?
Not much is known about Pacquiao’s Pac Coin project. It is most likely a way for fans to buy and sell tickets and merchandise using the token as a dedicated cryptocurrency and ecosystem for fans.
These sorts of fan coins are becoming more and more popular, though it remains to be seen whether they will catch on in any meaningful way.
As yet, no launch date has been announced for PAC Coin.
Global Crypto Offering Exchange (GCOX) is the first cryptocurrency exchange to help celebrities create, list and trade their own cryptocurrencies, known as Celebrity Tokens.
GCOX allows the public to have unparalleled access to the stars through the sale of exclusive goods and services, transacted through Celebrity Tokens as well as the Acclaim Token (ACM).
Through open market forces and the valuation of Celebrity Tokens, GCOX aims to serve as the first authoritative popularity index for celebrities.
GCOX will not accept ICO donations from US citizens so as to avoid any unwanted legal attention.
Manny Pacquiao has invested an undisclosed amount of money in the GCOX platform and it is on this platform that his PAC Coin will launch. Other notable investors include retired England and Liverpool football star, Michael Owen.