Proxima Media, a firm owned by Ryan Kavanaugh, has announced the funding of $100 million for a new project, a crypto-enabled financing tool for music, TV, and IP driven content. The company mobilized the funds for this new crypto project from Step Ventures and Central Wealth Group, a garment manufacturing company.
Ethereum based security tokens
The company plans to launch Ethereum based security tokens that enable investors to pump in funds in TV shows and movies. Proxima has developed and audited security tokens. Chief Executive Officer of Step Ventures, a venture capital fund based in Hong Kong, Vincent Tse said Proxima has entered a deal with Fusang Exchange based in Malaysia to introduce security tokens.
Tse further said the asset class films are not related to capital markets. According to TheWrap, Proxicoin holders will own partial ownership in ESX (Entertainment Stock X), a new exchange financing the entertainment projects. The deal to list more than 30 movies is already put in place.
Invest in favorite movies
Kavanaugh commenting on the new initiative said the consumers worldwide can now invest in their favorite movies through ESX. To his credit, Kavanaugh has produced many films including ‘Mamma Mia!’, western ‘3:10 to Yuma’, and ‘The Social Network’ during his stint at Warner Brothers.
According to a report in Cointelegraph in October 2018, Johnny Pep, a producer and actor in the US, has partnered with TaTaTu, a social entertainment platform powered by crypto. Fintage House, a Dutch rights management firm, entered a deal with TaTaTu in November 2018 to accept payments in cryptocurrency to facilitate rights transactions.
Blockchain resolves challenges
Blockchain is making inroads into more minds every day. The immutable and decentralized nature of blockchain has convinced almost every industry in the world. The decentralized ledger allows recording and verifying each transaction on a secure and encrypted platform. It provides transparency for businesses.
Industries that embraced blockchain
technology include government agencies, banking and finance, entertainment,
real estate, transportation, manufacturing, supply chain, and healthcare. The
blockchain technology has immensely benefited the film industry by supporting
distributors, audience, and content producers worldwide. All stakeholders in
the film industry benefited a lot from the blockchain. It resolves the disputes
in the film industry.