There are many ways to use and invest it crypocurrency — but usually, such forms of currency are used for general purchases and exchanges. Apparently, though, they also have use for ultra-specific, fan-based products. Just ask Philippine boxing champ Manny Pacquiao, who recently debuted “Pac tokens.”
According to this recent report from Reuters, Pacquiao launched Pac tokens at a free concert in Manila, where he sang to over 2,000 fans and spring-boarded his new currency.
The 40-year-old boxer is also a Philippine senator.
What Pac Tokens actually do
Pac tokens allow fans of his to buy his merchandise and interact with the senator on social media.
Pac will be listed on Singapore’s Global Crypto Offering Exchange and counts Manny Pacquiao, as well as English soccer star Michael Owen, as primary investors, says the Reuters report.
And they aren’t the only ones who have a stake in this: Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, has also signed on as an investor, the report says.
Reuters says this is the world’s first celebrity cryptocurrency, but tennis star Caroline Wozniacki, Michael Owen, and singer Jason Derulo are close on Pacquiao’s heels, with plans to launch their own currencies.
“Manny Pacquiao is idolised by many. People will be encouraged to check this innovation,” Aaron Baetiong, 38, who attended the Manny Pacquiano Pac Token debut concert, said of the celebrity cryptocurrency.