Caroline Wozniacki, a Danish tennis star, has entered cryptocurrency via a partnership with Global Crypto Currency (GCOX), a Singapore-based company that issues digital tokens with her name.
GCOX promotes itself as the world’s first blockchain platform that provides an avenue for celebrities to ‘cryptonize’ their fame and popularity. Stars can now create their own cryptocurrency using the startup, called “celebrity tokens”. These tokens can then be used by fans to purchase exclusive content from stars. GCOX plans to make money from transaction fees.
Former world No. 1 The former world No. 1 is not the only one to embrace crypto, but it’s the second. GCOX also worked with former football star Michael Owen and Jason Derulo earlier this year to launch tokens. Former Filipino boxer Manny Pacquiao was also among the pioneers to join GCOX.
Wozniacki said that she was the first female athlete with her own token. She spoke to Reuters in a Singapore interview.
Promoting Bogus ICOs?
GCOX plans to launch its first tokens in the next quarter. They will be used to purchase merchandise and make donations to charities selected by athletes. The tokens will also give their holders the chance to connect and engage with their favorite stars in an “unprecedented, unique” way.
Reuters quotes GCOX CEO Jeffrey Lin saying that “if everything goes smoothly, first quarter 2019 will be celebrity token and it could have been Michael’s, Manny’s or both, I’m not sure yet.”
ICO operators, and sometimes ‘scammers,’ are continuously trying to capitalize on the intersection of sports and cryptocurrency enthusiasts to grab money from investors in the hot market. The trend of celebrity endorsements even forced the US Securities and Exchange Commission (SEC) to release an official statement ordering the involved celebrities to disclose the nature, scope, and amount of compensation received in exchange for the promotion.