BANKEX first cryptoasset MovieCoin will be implemented with leading Hollywood producer Christopher Woodrow.
Christopher Woodrow is the producer of the Oscar-winning film “Birdman,” as well as “Black Mass” and “Hacksaw Ridge”.
The next Hollywood film you see might be financed with cryptocurrencies.
With the help of BANKEX Proof-of-Asset Protocol.
We plan to launch our own blockchain-based token called MovieCoin in the first quarter of 2018. Funds raised in the sale, or initial coin offering, will go toward financing a portfolio of movies. Investors will benefit as the tokens, which can be traded in the secondary market, would appreciate based on the success of the films, Woodrow said.
“We’re trying to revolutionize the way films are financed,” Woodrow said in a telephone interview. “Hollywood is relationship driven and what we bring to the equation is the ability to gain access to the highest levels of film finance. We’re in the process of putting together a slate of projects that will include A-list movie stars, top-tier directors, seasoned and established producers, and that will form the initial slate for MovieCoin.”
The target is to sell $100 million of tokens that will be compliant with Securities and Exchange Commission regulations. Woodrow declined to name the movies being considered for the portfolio. Just like ICOs have given retail investors access to cutting-edge technology projects that used to be reserved to venture capitalists, Woodrow says tokens can also democratize film financing.
Woodrow is the former managing director at Prospect Point Capital, which invested in venture capital deals in the entertainment industry. He also worked at Citigroup Inc., Oppenheimer & Co. and CIBC World Markets in investment banking and portfolio management.
“We can’t ignore that some cryptocurrencies are being issued in a speculative manner, which could create a bubble,” Woodrow said. “The alliance of Bankex with MovieCoin will mitigate that risk by underpinning our cryptocurrency with tangible assets.”
MovieCoin will be issued on top of Bankex, a platform for asset-based tokens.