Boxing Legend Manny Pacquiao Latest Celebrity to Turn ICO Promoter
Boxing Legend Manny Pacquiao has become the latest celebrity to permit his personal brand to a first coin offering (ICO).
The Filipino fighter, an eight-division world champion, has become the latest celebrity ambassador for the Singapore-based International Crypto Offering Exchange (GCOX), a startup which allows celebrities to produce their own cryptocurrencies which fans can then use to pay for access to exclusive celebrity-related content sold through the GCOX platform.
Pacquiao, who's also a sitting Philippine senator, also invested an undisclosed sum of money in GCOX, according to a report in regional business publication Entrepreneur Philippines, while the provider's website claims that retired football star Michael Owen is also an investor.
Once the platform starts, Pacquiao will reportedly issue a token called PAC Coin.
Boxing Superstars Pump ICOs Despite SEC Warnings
The boxer is the most recent in a long line of celebrities to permit endorse ICOs, a phenomenon which correlated with last year's token sale boom.
Indeed several of boxing's biggest names have linked themselves to ICOs.
Floyd Mayweather, who defeated Pacquiao in a welterweight title fight billed the «Battle of the Century,» has encouraged several ICOs, while Hall of Fame boxer Evander Holyfield endorsed an ICO that was later slapped with a cease-and-desist sequence by the US Securities and Exchange Commission (SEC).
The SEC has not yet been delighted with these star ICO endorsements, and it has cautioned that such agreements could be unlawful if they aren't accompanied by appropriate disclosures, such as «the nature, origin, and amount of any reimbursement paid, directly or indirectly, by the company in exchange for the endorsement.»
The agency has further stated that individuals who make these unlawful endorsements could be liable for violating the anti-fraud provisions of US securities laws.
GCOX, incidentally, claims in its white paper it will prohibit US investors from contributing to its ICO.