A United States Film Producer Ryan Kavanaugh's Proxima Media disclosed a new $100 million investment for a project connected to the film industry. The latest report was shared by media agency TheWrap on May 23. The main purpose of Ryan Kavanaugh is to provide funding to a crypto financial tool for content creation.
The latest investment which is obtained from Proxima Media comes from different companies along with Central Wealth Group and the venture capital fund Step Ventures.
According to the report, Proxima Media, which Kavanaugh founded and owns declared his plans for new crypto enabled the financial tool for film, TV, and music and other intellectual property-driven content known as Proxicoin.
Proxicoin has made its decision to issue and release market security tokens based on Ethereum, thus allowing investors to keep their funds in various movies and TV shows. The firm has stated that the token is already been developed and audited, which should verify the quality of the coin.
Also, they have declared a new deal with the Malaysia-based Fusang Exchange which will probably release the coin. Vincent Tse, who is the CEO of Hong Kong-based Step Ventures said about the latest development:
“Proxicoin makes a highly sought-after financial product available to many individual and smaller investors.”
Tse further stated that the films are asset class which is mainly not linked to capital assets and are sought-after large-hedge funds and financial institutions across the globe. Additionally, Proxicoin holders will also become the partial owners of the exchange known as Entertainment Stock X (ESX).
As of now, deals of around 30 movies are already being placed. Kavanaugh described the latest move :
“This exchange will give ordinary consumers worldwide access to investments in their favorite movies, something they love, in a way that was previously only available to a limited few.”
Kavanaugh is a well-known executive at Warner Brothers and has produced some great films such as “The Social Network,” western “3:10 to Yuma,” and “Mamma Mia!.”
Before a week, Kavanaugh declared the release of Proxima Media backed by $250 million investment in order to produce around 10 U.S. films in China. Moreover, the firm teamed up with China's National Arts Studio, a publicly traded physical studio boasting a 100-square-mile ranch an hour from Hong Kong.