Movie Producer’s Proxima Media Unveils $100 Million Investment For Proxicoin Crypto Project
The U.S. film producer Proxima Media unveiled a new $100 million investment for a cryptocurrency project closely related to the film industry. The information was released by the news outlet TheWrap on May 23rd.
The film producer was founded by Ryan Kavanaugh and the intention is to provide funding to a crypto financial tool for content creation.
Proxima Media Announces Proxicoin
The new investment received by Proxima Media comes from different firms, including Central Wealth Group and the venture capital fund Step Ventures. The intention is to launch the crypto-enabled financial tool called Proxicoin.
Proxicoin wants to issue and release to the market security tokens based on Ethereum (ETH), allowing investors to place their funds in different movies and also TV shows. The company explained that the token has already been built and audited, which should confirm the quality of the coin.
At the same time, they announced a new deal with Malaysia’s Fusang Exchange, which is going to be launching this coin. The CEO of Step Ventures, Vincent Tse, explained that the film is an asset class that is not correlated to capital markets.
Moreover, these asses are sought-after among large hedge funds and other financial institutions around the world. In addition to it, Proxicoin holders are also going to be partial owners of the exchange called Entertainment Stock X (ESX).
On the matter, TheWrap reported:
“This exchange will give ordinary consumers worldwide access to investments in their favourite movies, something they love, in a way that was previously only available to a limited few.”
Kavanaugh is a recognized executive at Warner Brothers and has produced different films, including “Mamma Mia” and “The Social Network.”