Pacquiao claims he convinced Chavit Singson to invest in his bitcoins
Senator Manny Pacquiao is planning to raise up to $1 billion from the sale of his very own cryptocurrency.
Pacquiao announced that he planned to sell 500 million to 1 billion “Pac Tokens” within the year at 80 cents to 1 dollar each.
Pacquiao said he has convinced his long-time patron, former Ilocos Sur Gov. Chavit Singson, support his Pac Token offering.
Singson, who grew up running the family’s funeral service business, is an old school investor who preferred brick and mortar businesses like hotels, casinos, farms, real estate and mining.
Pacquiao would sell the Pac Token through the Singapore-based blockchain firm Global Crypto Offering Exchange (GCOX) where he was as investor.
GCOX is the first cryptocurrency exchange which enables celebrities to create their own cryptocurrencies, which they’ve dubbed Celebrity Tokens.
The Celebrity Tokens can be used to buy exclusive goods and services in relation to the celebrity on GCOX’s platform. It also provides fans access to their favorite stars through interactions such as meet and greets and live streaming via a service called Celeb-Connect.
Another service, Celeb-Charity, allows fans to donate to celebrities’ causes using the digital coin.
The cryptocurrency value is determined through “open market forces” and is supposed to be indicative of the star’s popularity.
It’s Throwback Tuesday! Flashback to the signing ceremony between international boxing superstar @mannypacquiao and Executive President of GCOX, Steve Askew. Revisit this moment with us by checking out our exclusive footage. #GCOX #RiseAbove pic.twitter.com/cy1tDXLyOo
— gcox (@GCOX_Official) April 17, 2018