The project, according to the owner of the production company, will give consumers around the world access to invest in their favorite movies
The financing of films with cryptocurrencies is present. Proxicoin is the name of the project created by the American film production company Proxima Media, which will issue tokens on the Ethereum platform, so that users can invest in movies and television blocks.
Proxima Media announced that the investment is US $ 100 million, which will allow the development of a cryptocurrency film financing tool, supported by the companies Central Wealth Group, based in Hong Kong, and Step Ventures, an Israeli venture capital fund.
According to a report published in local media, the token is already created and audited. As part of the development, an agreement was signed with the Malaysian company Fusang Exchange, which is the first exchange of cryptocurrencies in Asia authorized to exchange security tokens. Until now, the launch of this tool is scheduled for the end of 2019.
Vincent Tse, CEO of Step Ventures, which is a venture capital investment firm based in Hong Kong, commented that Proxicoin makes a highly demanded financial product available to many individual and small investors.
“Cinema, as an asset class, is traditionally not linked to capital markets and has been a competitive and coveted asset class among large funds and banks, including Citibank, Duetsche Bank, JP Morgan, Goldman Sachs and many others”, he said.
Ryan Kavanaugh, the renowned Hollywood Producer and Executive of Warner Bros (and known as the “Billion Dollar Producer”), said that digital values and tokenization technology are providing an opportunity to open investments in Hollywood and all around the world, whilst providing liquidity and transparency to investors in a way that has never been possible before, he believes.
“This exchange will give ordinary consumers around the world access to investments in their favorite movies, something they will love, in a way that was only available to a few”, said who is also the owner of the production company.
In this sense, Proxicoin users will also receive the right to be partial owners of Entertainment Stock X (ESX), a trading platform similar to the stock exchange that seeks to boost individual projects in the entertainment industry through initial public offerings. According to the representatives of the company, each film or television program will go public, and each of them will have liquidity through the aftermarket.
Until now, it is known that, with Proxicoin, there are several agreements for more than 30 film projects, although no details are known about them. This initiative is one of the newest and represents the latest in fundraising methods for the entertainment industry. MovieCoin, a financial technology company focused on using blockchain technology, digital assets and proprietary applications to create a new standard currency for entertainment financing, is another example that was born before this tool.
The Proxicoin platform will give customers around the world access to high-value films and productions in an exclusive and original way that did not exist in this industry. Innovation continues to take giant steps and surprising every day.
By María Rodríguez