American producer Ryan Kavanaugh is working on launching a security token for his own studio Proxima Media. The Proxicoin token will serve as funding for film, television and music projects. The idea attracted an investment of $100 million.
The ERC-20 standard token has already been tested, and the company signed a contract with the Asian Fusang Exchange about token listing at the end of 2019.
The owner of Proxicoin also intends to acquire a stake in Entertainment Stock X, which will serve as a trading platform for financing entertainment projects. The platform has reportedly been in development for two years now and will be launched later this year.
“This is a game-changing moment for the entertainment industry. Proxicoin makes a highly sought-after financial product available to many individual and smaller investors”, said Vincent Tse, CEO of Step Ventures.
Each media project will undergo an IPO. At the moment, 30 film projects have signed contracts with the platform.
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