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Former Boxing Champ Manny Pacquiao’s Foundation Will Use Shibarium for Its Operations
The charitable foundation established by the eight-time WBC champion will use the Shibarium blockchain to optimize fundraising, distribution, and other operations.
Updated Nov 15, 2023, 4:44 p.m. Published Nov 15, 2023, 10:34 a.m.
ecosystem’s upstart blockchain Shibarium will be used by the Manny Pacquaio Foundation for fundraising and operational activities starting Wednesday; developers told CoinDesk in a release.
The Manny Pacquiao Foundation is a California 501 (c)(3) nonprofit led by its namesake, eight-division World Boxing Champion and former Philippine Senator Emmanuel (Manny) Pacquiao. MPF has been accepting SHIB on its website since 2021.
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“The Pacquiao Foundation is dedicated to fighting for those in need around the world and has already done so for more than a million people requiring urgent assistance,” said Jon Sisson, Executive Director of the Manny Pacquiao Foundation, in a statement to CoinDesk. “Shibarium will allow us to continue this good work while scaling up operations to help millions more.”
Shibarium is a layer 2 blockchain built on Ethereum that allows users to cheaply transact on the network. Layer 2’s are off-chain applications built on top of a ‘base’ blockchain; these applications are typically faster with reduced bottlenecks.
Shibarium suffered a botched launch in August but has since recovered and processed thousands of transactions each day, data shows.
The Shiba Inu ecosystem has been vying to become a serious decentralized finance (DeFi) contender. Its popular SHIB token, themed after the Shiba Inu dog breed and inspired by , was issued in August 2020. It quickly became one of the largest meme coins by market capitalization.
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