The GCOX crypto exchange will allow celebrities to create, list and trade their personal crypto tokens on its Acclaim blockchain. The project already has celebrities as early private investors including boxing superstar Manny Pacquiao, former England footballer Michael Owen.
GCOX, will be the first crypto exchange designed for celebrities in mind, in UAE. This follows the signing of an agreement between the Global Crypto Offering Exchange (GCOX) and Bin Zayed International to see the establishment of the crypto exchange.
The crypto exchange will allow celebrities to create, list and trade their personal crypto tokens on its Acclaim blockchain. The project, according to the company, will bring together the $2.2 trillion entertainment industry and the burgeoning blockchain crypto industry. Therefore, it will see technology revolutionize and redefine popularity.
Already, the exchange has a host of celebrities onboard as early private investors. Philippines’ boxing superstar Manny Pacquiao, former England footballer Michael Owen (also an advisory board member at GCOX) and 1999 Singapore Businessman of the Year, Tommie Goh.
CEO of GCOX Sir Dr Jeffrey Lin said the “the importance of capitalizing on the enormous potential for growth and blockchain development”. It cannot be understated given the industry will be worth over $6 billion by 2025 and rate of adoption will grow exponentially in the coming year.
He said blockchain marks the beginning of new “internet of value,” which will enable people to transact anything from frequent flyer points to intellectual property. However, the project will see fans from UAE and all over the world interact with their favorite celebrities and stars. Thus, without third party intermediaries, making the interaction more personal.
The project is worthwhile given UAE government is at the forefront of adopting blockchain technology in the markets as well as see implementation of it in facilitating public services. The government expects half of all federal transactions to be dealt on blockchain by 2021, says Lin.
Chairman of Bin Zayed International Sheikh Khaled said the project will create UAE’s first fully-licensed token exchange in Dubai. He said he is excited to accelerate adoption of blockchain and “push the frontiers of financial services further.”
“Establishing the region’s first ever celebrity tokens crypto exchange in the UAE. As it will generate immense value that will benefit celebrities and their fans alike. And also bring vast increases in security and transaction speed”, he added.
The exchange could also mean that it would be possible for the fans to participate in the celebrity projects. However through ICOs and purchasing of tokens directly and expect to earn from the investments.