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Philippine boxer and senator Manny Pacquiao launches his own cryptocurrency, to be listed on an exchange

Philippine boxing champion and senator Manny Pacquiao has launched his own cryptocurrency, dubbed “Pac.” The cryptocurrency will allow Pacquiao’s fans to buy his merchandise and interact with him via social media, Reuters reported Sunday.

Pacquiao, who won the WBA Welterweight Super Championship in July, will also list Pac tokens on Singapore’s Global Crypto Offering Exchange (GCOX). “We are not here to raise a lot of money but to build an ecosystem,” Jeffrey Lin, founder and CEO of GCOX, told Reuters.

Footballer Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, are among private investors of Pac tokens, per the report. Owen, tennis star Caroline Wozniacki, and singer Jason Derulo also reportedly plan to launch their own cryptocurrencies with GCOX.

Back in November, professional boxer Floyd Mayweather Jr. and music producer DJ Khaled were fined by the U.S. Securities and Exchange Commission (SEC) for not disclosing that they were paid to promote initial coin offerings (ICOs.)