Proxima Media, a agency based by movie producer Ryan Kavanaugh, has raised $100 million for a token that permits funding in media content material.
The brand new token, referred to as Proxicoin, acquired the notable backing from VC companies Step Ventures and the Central Wealth Funding Fund of Hong Kong, Proxima announced Thursday.
Proxicoin is constructed on the ethereum blockchain and permits fractional possession of movie, tv, music and different IP-driven content material even for small buyers, in response to the agency.
The “absolutely audited” token is predicted to be listed and traded on Asian cryptocurrency change Fusang via a deal that’s already been inked, Proxima stated.
Proxima can also be planning to create a inventory exchange-like buying and selling platform referred to as Leisure Inventory X (ESX) in a bid to assist particular person movie and tv tasks increase funds by way of preliminary public choices.
Proxima stated it’s been engaged on constructing ESX for about two years and expects a full launch by the top of this yr.
Proxicoin token holders will even be partial house owners of ESX, the agency indicated.
“ESX at present has offers for listings on over 30 main function movie tasks and is predicted to have a big share of the 600 main movies and tv exhibits shot yearly,” it stated.
Step Ventures CEO, Vincent Tse, stated:
“Movie, as an asset class, is historically uncorrelated to capital markets and has been a aggressive and sought-after asset class among the many giant hedge funds and banks together with Citibank, Duetsche Financial institution, JP Morgan, Goldman Sachs and lots of others. In the course of the Nice Melancholy one of many solely shares that went up was MGM [Metro-Goldwyn-Mayer Studios].”
Kavanaugh and his workforce have produced over 200 movies up to now, with field workplace takings of $17 billion, in accordance with the agency’s personal figures. Notable titles embrace “Quick and the Livid,” “Mamma Mia!” “The Woman with the Dragon Tattoo,” “Salt” and the Oscar-nominated “The Social Community.”
Ryan Kavanaugh picture by way of Shutterstock
