Everybody can now be a film producer. The Central Wealth Investment Fund of Hong Kong and Step Ventures is investing $100 million USD into Proxicoin, a first of its kind security token (STO), which allows fractionalised ownership in film, television, music and other IP-driven content
Proxicoin, created and owned by Proxima Media, is a securities token built on the Ethereum platform where every day qualified investors can, for the very first time, participate in the Hollywood industry in a capacity previously available only to large, elite institutions.
"Blockchain technology is enabling new business models that unlock value in traditional industries like film financing. Global audiences can now participate as investors in tokenised offerings through a new asset class. Having worked closely with the management team to structure the offering, we are confident that Proxicoin will create unprecedented value by establishing a marketplace for global entertainment assets," said Aman Johar, Principal at Proteum Capital, who has been an early advisor and consultant to Proxicoin.
The token has been built and is fully audited and has already signed a deal with the Fusang Exchange. Fusang is the first crypto exchange in Asia that trades security tokens and Proxicoin will be among the first security tokens to be listed and traded on their platform.
Proxicoin holders will also be partial owners of Entertainment Stock X (ESX), an innovative platform operating similar to a stock exchange for financing entertainment projects.
"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. 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," said Vincent Tse, CEO of Step Ventures.
The front end of the trading platform was built through a partnership with Hanzo, a Techstars funded AI marketing platform that has powered over $300 million USD in funding for some of the most successful crowd sales in history. Zach Kelling, founder and CEO of Hanzo comes on board, via an exclusive agreement, to lead development of the ESX exchange platform.
The advisory and management team includes Bonin Bough, Chairman of Marketing and Branding; Eddie Ibanez, Technology and Artificial Intelligence Advisor; Jaeson Ma, Co-Chairman of Asia Content; Alex Zhang, Co-Chairman of Asia Content; Aman Johar, CEO of Proteum Partners among many others.
Step Ventures is a Hong Kong-based Venture Capital Company whose focus is on investing in emerging technologies, companies which create and promote innovative technology and systems with entrepreneurs with historical success of innovation and creation of paradigm shifts in the technology and media industries.
The Hong Kong Central Wealth Group is a publicly-traded, long-established and deeply respected financial services company based in and serving China and Hong Kong. As a comprehensive financial services group enterprise, CWF provides high-quality services through an experienced elite and customer-focused management team. CWF is a global, sound and efficient financial trading platform for China, Hong Kong and Macau investors which provides new, high-quality and safe financial services.
Proxima Media was founded by legendary Hollywood producer Ryan Kavanaugh, who together with his executive team, have been responsible for more than 200 films, with a box office of $17 billion. Among their productions are Immortals, Fast and the Furious, Girl with Dragon Tattoo, Salt, Wanted, Limitless, The Fighter, Mirror Mirror, Safe Haven, Beyond the Lights; and The Social Network, which received eight Oscar nominations. Other films include Mamma Mia! 3:10 to Yuma, Grown Ups and Dear John.
Kavanaugh has a depth of experience in China as he was instrumental in launching Sky Land Entertainment, which entered into a historic partnership with Huaxia Film Distribution Co. Ltd. to handle production and distribution of films in China and the U.S. The deal marks the only strategic alliance to date between a Hollywood film production entity and a Chinese government-sponsored company. Kavanaugh's other notable credits include what is now called Independent Sports & Entertainment, an integrated sports, media, entertainment and management company that represents 300 of the best athletes in the NBA, NFL and MLB, and is the second-largest integrated management company in the U.S. with about $2.5 billion in player contacts. He also created the powerhouse television company, now called Critical Content, which produced hit shows such as Catfish on MTV and Limitless on CBS and under his tenure had over 40 series on the air.
Kavanaugh and his team have produced over 200 films to date, with box office takings of $17 billion, according to the firm’s own figures. Notable titles include “Fast and the Furious,” “Mamma Mia!” “The Girl with the Dragon Tattoo,” “Salt” and the Oscar-nominated “The Social Network.”