Renowned Hollywood producer and owner of Proxima Media, Ryan Cavanaugh, raised $ 100 million to create the Proxicoin token. According to CCN, among the investors of the project there is the Coinbase cryptocurrency exchange and the government of Malta.
According to the creators of the token, the main goal of Proxicoin is to connect investors and filmmakers who are looking for funding. For most investors, getting into real studios and executives who are looking for funding is a difficult prospect, especially without the right connections.
At the moment, it is known that token holders will be able to finance the creation of new movies, music and television shows. In addition, with the help of a new token, investors will become partial owners of the Entertainment Stock X (ESX) platform and will be able to finance various entertainment projects.
Each film or television program will go on an initial public offering (IPO), ensuring its liquidity. ESX has already signed an agreement for an IPO of more than 30 feature films the project description says.
It is expected that the platform will annually create at least 600 full-length films and television shows. New token promise to release at the end of 2019 on the Malaysian Fusang Exchange.