Manny Pacquiao Investing in Cryptocurrency Startup, Will Release His Own Virtual Token Soon

Eight division world champion Manny Pacquiao is getting in on the cryptocurrency hype.

According to Entrepreneur Philippines, Singapore-based Global Crypto Offering Exchange (GCOX) announced on Wednesday that the Philippine senator is their newest celebrity ambassador. Pacquiao also invested an undisclosed amount of money in the company.

Cryptocurrencies are digital assets that are a medium of exchange which uses cryptography and not centralized agencies to secure transactions, control and create other units.

The company said Pacquiao will use GCOX’s cryptocurrency services, which will allow his fans, apparently through their social network, to interact through a virtual token called PAC Coin, which will enable users to avail of Pacquiao-related content exclusive to GCOX’s platforms.

The startup claims to be “the world’s first platform that tokenizes popularity, enhancing the mainstream adoption of the token economy. GCOX helps celebrities create their personal cryptocurrencies.”

According to GCOX, celebrities and fans exchange through Celebrity Tokens within GCOX. “In this symbiotic ecosystem, ACM is traded for Celebrity Tokens via our proprietary exchange. Celebrity tokens can then be used by fans to redeem goods and services on the core business platforms,” their website reads.

This wouldn’t be Pacquiao’s first investment in Singapore. In 2014, the boxer purchased an undisclosed amount of shares in mixed martial arts company ONE Championship, which is one of the main overseas competitors to the UFC.

Pacquiao is currently serving his first term in the Philippine Senate.

According to Entrepreneur Philippines, the boxer was worth about $167 million as of 2017.