Proxima Media, a firm founded by filmmaker Ryan Kavanaugh, has raised $100 million for a token that enables investment in media content.
The new token, referred to as Proxicoin, received the notable backing from VC corporations Step Ventures and therefore the Central Wealth Investment Fund of Hong Kong, Proxima proclaimed Thursday.
Proxicoin is constructed on the ethereumblockchain and permits fractional ownership of film, television, music and alternative IP-driven content even for little investors, per the firm.
The “fully audited” token is predicted to be listed and listed on Asian cryptocurrency exchange Fusang through a deal that’s already been inked, Proxima said.
Proxima is additionally going to create a stock exchange-like commerce platform referred to as entertainment Stock X (ESX) in a very bid to assist individual film and television projects raise funds via initial public offerings.
Proxima said it’s been functioning on building ESX for regarding 2 years and expects a full launch by the top of this year.
Proxicoin token holders will be partial homeowners of ESX, the firm indicated.
“ESX presently has deals for listings on over thirty major film projects and is anticipated to own a big share of the 600 major films and tv shows shot annually,” it said.
Step Ventures CEO, Vincent Tse, said:
“Film, as an asset class, is historically unrelated to capital markets and has been a competitive and sought-after plus category among the massive hedge funds and banks together with Citibank, Duetsche Bank, JP Morgan, Goldman Sachs and plenty of others. during the great Depression one amongst the sole stocks that went up was MGM [Metro-Goldwyn-Mayer Studios].”
Kavanaugh and his team have made over two hundred films to this point, with box workplace takings of $17 billion, per the firm’s own figures. Notable titles embrace “Fast and therefore the Furious,” “Mamma Mia!” “The woman with the Dragon Tattoo,” “Salt” and therefore the Oscar-nominated “The Social Network.”
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