BANKEX has launched the first blockchain-based asset class to support institutional-grade financial standards. Developed for the film and entertainment industry, these ‘smart assets’ will improve the liquidity, efficiency and transparency of financial transactions, opening up investment opportunities to institutional financiers including banks, hedge funds and pension funds.
By tokenizing real industry properties and using BANKEX’s proprietary Proof-of-Asset Protocol technology, smart assets will be issued on MovieCoin, a platform led by Hollywood financier and film producer Christopher Woodrow that allows global investors the opportunity to participate in the financing of major motion pictures via the acquisition of cryptographic tokens. MovieCoin intends to commit $1 billion towards film and entertainment financing over the next three years.
Transactions on the MovieCoin platform will be recorded using blockchain technology, which will track rights management on a digital ledger recording every dollar spent and collected. This technology will provide fair and transparent accounting standards for film studios, financiers, producers, talent and other stakeholders. The key institutional-grade components of the MovieCoin platform include:
- KYC-compliant identity verification
- Tokenization engine for digital asset creation
- Custody tracking for reliable storage of digital assets
- Improved liquidity and cash flow management
- Real-time audit and transparent record-keeping
- Ethereum Plasma protocol implementation for fast and inexpensive transactions
The MovieCoin platform is the first of many tokenization projects that BANKEX is building in cooperation with enterprise partners. Other projects in development include tokens backed by real estate, commodities, custody rights as well as other real assets.
“BANKEX has never focused on disruption, but rather on the evolution of financial services. With blockchain and innovation at the core of our business, our future lies in cooperation with industry leaders who are ready and able to revolutionize asset management and capital markets in their respective industries. The MovieCoin team exemplifies the level of credibility we look for in business partners,” said Igor Khmel, Founder and CEO at BANKEX.