The head of the media firm behind The Social Network, Ryan Kavanaugh, has announced that it has secured $100 million for a token that will allow for investment in media content.
A press release by Proxima Media, the media firm, states that its coin, Proxicoin, has received investment from Central Wealth Investment Fund of Hong Kong and Step Venture in a Security Token Offering (STO). The press release reads:
“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. It utilizes Regulation A of the JOBS Act allowing each film or TV show to undergo an IPO, providing liquidity for each production through aftermarket trading. ESX takes advantage of the booming global demand for content while helping fill the need for new, efficient sources of financing for filmmakers.”
Proxicoin is built on the Ethereum platform and enables fractionalized ownership in different forms of media. The release also states that the token has been fully built and that the company has signed a deal with the Fusang Exchange.
Proxicoin and this transaction eliminate many of the hurdles that have held back growth between the two countries due to heavy restrictions in currency conversion. Proxicoin removes those friction points while creating total transparency.