Proxima Media, founded by film producer Ryan Kavanaugh, has just secured $100M for its security token. The token, called Proxicoin, has received backing from BC firms Step Ventures and others. It will be built on the Ethereum blockchain.
It’s not often you hear about the media industry taking notice of security tokens. However, film producer Ryan Kavanaugh is looking to change that. His firm, Proxima Media, is launching its own token called Proxicoin to allow for investment in various media content.
So far, the project has received some $100M in funding from VC firms like Step Ventures and the Central Wealth Investment Fund of Hong Kong. Proxicoin will allow for fractional ownership of film, television, music, and other IP-driven content. Small investors will finally be able to take part in this booming industry through Proxicoin.
Allegedly, the token will first begin trading on Asian cryptocurrency exchange Fusang which has already signed a deal with the project. However, Proxima’s plans are far greater than this. The team also plans to create a trading platform called Entertainment Stock X (ESX) to boost investments in individual film and television projects. ESX is planning to launch by the end of this year and has already been in development for two years. All Proxicoin holders will also be partial owners of ESX.
According to Step Ventures CEO, Vincent Tse:
“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, Duetsche Bank, JP Morgan, Goldman Sachs and many others. During the Great Depression one of the only stocks that went up was MGM [Metro-Goldwyn-Mayer Studios].”
Kavanaugh and his team have been responsible for over 200 films over the span of his career. Notable ones include “Fast and the Furious” “The Girl with the Dragon Tattoo,” and “The Social Network.” Kavanaugh hopes to bring this expertise to an entirely new sector, merging security with media.
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Image courtesy of Deadline.