Manny Pacquiao’s Cryptocurrency Could Finally Launch by the End of 2018

Alan Wass
  • 16 Oct 2018
  • /
  • In #ICO

Manny Pacquiao’s eagerly-awaited cryptocurrency may finally be launched by the end of 2018 after many months of talk and speculation in the crypto-sphere.

As crypto-assets launched by famous sports legends and celebrities are massively trending in 2018, Manny Pacquiao’s cryptocurrency had seemed to stall somewhat after major reports of its creation earlier this year.

Pacquiao is Punching Above his Weight as Usual

As rumors of a Floyd Mayweather Vs. Manny Pacquiao rematch is making international news, a punch aimed at Mayweather’s face is not the only thing the legendary Filipino boxer plans to launch his year. The proposed Singapore-based Pac Token, which is Manny Pacquiao’s cryptocurrency, could finally come to fruition by the end of the year says the StraitsTimes.

According to the news outlet, the Singaporean based Global Crypto Offering Exchange (GCOX) will be the ones charged with the task of launching the boxer’s exciting new Pac Tokens. The crypto-asset is looking to benefit from the massive popularity of the legendary pugilist across the Asian continent.

The chief communications officer at GCOX, Evan Ngow was reported by the StraitsTimes to have assured the public that the only delay in the launch of Manny Pacquiao’s cryptocurrency is waiting for the go-ahead from the Philippine Securities and Exchange Commission. According to Ngow, this will be finalized before the end of the year or early next year at the latest.

Manny Pacquiao’s Cryptocurrency Relationships

The legendary fighter is an eight-division champion who is known for his rags-to-riches ascension from a poverty-stricken upbringing in General Santos City in the Philippines to the pinnacle of the boxing world. His rise to not only becoming one of the greatest boxers of all-time but also as a godlike figure in the Philippines and as a leading political figure is simply awe-inspiring.

Pacquiao is already an ambassador for the blockchain platform tGCO, which helps celebrities to create their own crypto-asset that fans can then use to pay for exclusive content and goods sold on the GCOX platform. Manny Pacquiao is not the first or only sportsperson to align himself with a crypto-asset.

Other famous boxers such as Floyd Mayweather and footballers such as Ronaldhino, Michael Owen (on GCOX) and Didier Drogba have allowed their names to be used in the promotion of certain ICOs and crypto-asset projects.

Time will tell if Manny Pacquiao’s cryptocurrency can leverage the massive popularity across South-East-Asia that makes the Filipino fighter-turned politician a messianic figure to millions of Filipinos.

How Binance Launchpad Pushed BNB to New All-Time Highs

Earlier this year Binance, a leading cryptocurrency exchange by trading volume, launched a token sale platform called Binance Launchpad. On the platform the exchange holds one token sale per month, in what’s now known as an initial exchange offering (IEO).

An IEO is essentially an initial coin offering (ICO) conducted through a cryptocurrency exchange. Binance Launchpad started off with the native token of BitTorrent, BTT, and has so far held three successful token sales. These contributed massively to its native token BNB surging in price.

This also added to its list of use cases. Not only can BNB holders get discounts trading on Binance, they now have the ability to purchase tokens on Binance Launchpad, participating in the IEOs. Since these started, BNB’s price has risen by over 135%.

DataLight data shows that since these started at the beginning of the year, the price of BNB has gone up 300%, with its trading volume rising in tandem.

Binance Coin's Performance in 2019

The spikes seen on the graph correspond neatly to Binance Launchpad's token sales. On February 25, Binance Launchpad sold Fetch.AI’s FET token, in a sale that ended in 22 seconds, after 2,758 buyers rushed to get ahead.

After the cryptocurrency’s sudden rise ahead of the sale, there was a sell-off, likely caused by investors who didn’t manage to participate in the token sale, and by speculators who saw the initial pump coming.

On March 19, Binance sold CELR tokens through its platform. In 17 minutes, 3,129 buyers – out of 39,0003 – bought all the tokens, again leading to a small pump and subsequent dump. The dump likely led to the huge transaction spike seen.

Since most BNB holders weren’t able to participate in the CELR token sale, Binance has since announced a new IEO lottery system, that came to replace its first-come, first served basis. The new system helped the price of BNB rise by roughly 15%.

On April 24, Binance Launchpad is set to host the sale of Matic Network’s MATIC token. The Matic Network is reportedly looking to help solve problems associated with decentralized applications’ ease of use.

The IEO model has been so successful other cryptocurrency exchanges have launched their own IEO platform. OKEx, for example, has its OKEx Jumpstart, while Bittrex announced the sale of XRD tokens to compete with Binance, although it later on had to pull it. Huobi Prime, Huobi’s token sale platform, sold 1.5 billion TOP tokens in only 19 seconds.