Pacquiao launches the PAC coin
Filipino boxing legend Manny Pacquiao and English football star Michael Owen are launching their own crypto tokens. Will the accompanying fund raising rounds, like many such ICOs, be light on detail but heavy on promise?
And so to the wonderful world of the Initial Coin Offering that reportedly reached a total worth of more than $4 billion at the start of 2018 and is – despite fears, criticisms, calls for regulations and outright bans – still growing.
The ICO is a sort of crypto-based crowdfunding process that, in this highly speculative and frenzied market can, it seems, pull money out of most things.
So, as reported by Bloomberg, we are about to have the PAC coin. Which is, of course, the digital token for Filipino boxing legend Manny Pacquiao. And also the OWN coin. Which belongs to who else but English football star, Michael Owen.
They are part of an attempt by Singapore-based Global Crypto Offering Exchange to leverage that golden space where crypto-currencies and sports fans meet. And if by chance that space didn’t exist before, it will do soon, but possibly only in a virtual and digital sense. And of course via a cash-heavy ICO.
But no matter. Global Crypto say these sports-based tokens will be live by early 2019 and will enable their owners to buy merchandise, get personalised interactions with their idols and even make donations to the stars chosen charities. And there will also be training centre and tutorial program components.
A bit light on detail? Well this is an ICO.
“You have to be brave and sometimes put faith in things,” said Michael Owen to Bloomberg at a Hong Kong launch event. Yes exactly. Although it wasn’t entirely clear what the question was.