Manny Pacquiao has teamed up with English soccer icon Michael Owen Abu Dhabi's Sheikh Khaled bin Zayed al-Nahyan, Jason Derulo, and the GCOX Group to back a new global cryptocurrency, according to Engadget.
The boxer made the announcement during a free concert in Malaysia, which served as the launch party for his new business venture. Pacquiao's new currency is aptly named "Pac" and will be listed on Singapore's Global Crypto Offering Exchange. Investors will be given a chance to buy merchandise and interact with the boxers making the value of a "Pac" reliant on Manny's massive fan base.
"GCOX revolutionizes the way celebrities interact with their fans, giving the public unparalleled access to celebrities," the group explains on its website. "This platform also allows celebrities, at the different stages of their celebrity life cycle, to develop, monetize and revitalize their popularity through the various mediums that are housed on the ACCLAIM blockchain."
Pacquiao isn't the first celebrity to associate himself with cryptocurrencies, but he is the first to use his fans to directly support the value of his coin. Due to Pacquiao's international appeal, the "Pac" is expected to become a groundbreaking cryptocoin.