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Producer Ryan Kavanaugh-founded firm Proxima Media has raised $100 million for a new crypto token intended for the Hollywood industry, Proxima announced in a press release.
The new token, dubbed Proxicoin, has received backing from the Central Wealth Group of Hong Kong and Step Ventures. Built on the Ethereum blockchain, the security token will allow fractional ownership of film, TV, music, and other IP-drive contents, where even small investors are welcome.
“Proxicoin makes a highly sought-after financial product available to many individual and small investors,” Vincent Tse, CEO of Step Ventures, said.
According to the firm, the “fully audited” Proxicoin is expected to be among the first security tokens to be listed and traded in Fusang, Asia’s first crypto exchange to trade security tokens.
“Blockchain technology is enabling new business models that unlock value in traditional industries like film financing. Global audiences can now participate as investors in tokenized offerings through a new asset class,” Aman Johar, who has been an early advisor and consultant to Proxicoin, said.
Proxima Media also unveiled its plan to establish a stock exchange-like trading platform called Entertainment Stock X (ESX), which will allow films and TV projects to raise funds through an initial public offering (IPO).
Proxicoin holders will be partial owners of ESX, which is slated to go live before the end of 2019. Currently, ESX, which Proxima has been building for nearly 2 years, has deals for listings of more than 30 major feature film projects. It is also anticipated to gain a share of the 600 major films and TV shows shot every year.
“Film, as an asset class, is traditionally uncorrelated to capital markets and has been a competitive and sought-after asset class among the large hedge funds and banks including Citibank, Deutsche Bank, JP Morgan, Goldman Sachs, and many others,” Tse noted.
By far, Proxima Media has been responsible for over 200 films, with a box office of $17 billion. Immortals, Fast and the Furious, Girl with Dragon Tattoo, Limitless, Safe Haven, and Oscar-nominated The Social Network are among its notable titles.
“We have put together a stellar team to implement what we believe will be a serious paradigm shift in the financing and marketing of films,” Kavanaugh said.
Meanwhile, French producer Dominique Boutonnat also recently submitted a recommendation to the National Center for Cinematography, with a heavy emphasis on blockchain technology. He suggested the use of blockchain technology as a solution to the constant dispute on the value chain of filmmaking.
