Manny Pacquiao Is Launching His Own Crypto

After singing for over 2,000 fans at a concert Sunday, boxer Manny Pacquiao announced “pac,” the world’s first celebrity cryptocurrency. It’s Pacquiao’s latest play to capitalize on his achievements in the ring.

Using pac, the welterweight champ’s fan base can buy merchandise and earn the opportunity to engage with him on social media. Pac will be listed on Singapore’s Global Crypto Offering Exchange (GCOX), whose investors include ex-Liverpool footballer Michael Owen and Sheikh Khaled bin Zayed al-Nahyan of Abu Dhabi.

It may be the first celeb crypto...

...but it won’t be the last. Owen is planning to launch his own with GCOX. Danish tennis pro Caroline Wozniacki and singer Jason Derulo are also planning to release tokens. All of these celebrities are hoping to monetize their followings more directly.

Big picture: Last November, the SEC charged Floyd Mayweather Jr. with hyping an initial coin offering and not disclosing he’d been paid to do so. By sidestepping promotion of other tokens and creating his own, in this arena, Pacquiao’s got Mayweather beat.