Manny Pacquiao launches merchandise-backed cryptocurrency
Photo by Ethan Miller/Getty Images
On Sunday, champion boxer Manny Pacquiao announced the launch of his own cryptocurrency before a crowd of fans in Manila. The currency — dubbed the “pac” — is less of a currency than a kind of fan marketplace, giving fans a chance to buy merchandise and interact with Pacquiao in a manner similar to the Jeremy Renner app and similar fanbase projects. But while the value of the Pac is backed by demand from Pacquiao’s sizable fan base, the Pac behaves like a normal cryptocurrency, providing a digitally tradeable token with a floating value secured by a decentralized ledger.
Pacquiao is launching the venture with help from the GCOX Group, a company in southeast Asia that has developed a new model for celebrity tokens. “GCOX revolutionizes…